Egypt's GAFI ranks 1st among 74 IPAs worldwide in WAIPA report's EGS Practices index

CAIRO – 15 June 2023: The General Authority for Investment and Free Zones (GAFI) ranked first among 74 investment promotion agencies (IPAs) worldwide in the "Environmental, Social, and Governance (EGS) Practices" index in the 2023 report by the World Association Investment Promotion Agencies (WAIPA).

GAFI won early in May for the fifth year in a row the first place, in the MENA region, in the 12th edition of the Annual Investment Meeting (AIM 2023) Global Awards held in Abu Dhabi on May 8-10, for attracting VIVO Communication Technology Co. Ltd. to operate in Egypt.

The agency also garnered in November the award of excellence in promoting sustainable investment in agribusiness presented by the United Nations Conference on Trade and Development (UNCTAD) for the year 2022.

GAFI's winning project was the Canal Sugar Company, which is a joint venture between Egyptian and Emirati investors. The authority facilitated striking the deal, as it is aligned with Egypt's 2030 Sustainable Development Vision, which includes sections on accomplishing food security in tandem with adapting to climate change, relying on smart agriculture systems.

The project is estimated to create 50,000 jobs, achieve self-sufficiency of sugar, and train farmers, through an affiliated academy, on increasing production and reducing the use of water and fertilizers.