CAIRO - 7 February 2024: The General Authority for Investment and Free Zones (GAFI) and HSBC Bank Egypt partner to increase foreign direct investment to Egypt. Both parties signed a memorandum of understanding (MoU) in which GAFI will provide HSBC Egypt with information regarding investment opportunities in Egypt.
These opportunities will include the targeted, priority sectors in line with government’s plan. The MoU was signed by the President of the General Authority for Investment and Free Zone (GAFI), Hossam Heiba and the Deputy Chairman and Chief Executive Officer of HSBC Bank Egypt, Todd Wilcox.
GAFI’s president stressed that the authority is keen to cooperate with HSBC to attract, introduce and connect more international investors to the growing business opportunities in Egypt.
“We believe that these strategic collaborations and agreements serve as catalysts for fostering investment across diverse sector and segments. By synergizing our strengths and leveraging the extensive network of financial institutions, we aim to create a robust ecosystem that propels sustainable economic growth and unlocks new avenues for investors nationwide,” Heiba said.
Egypt aims to secure $12 billion in foreign direct investments (FDIs) by the end of the 2023/2024 fiscal year (FY) in June, Heiba previously announced. He also mentioned that Egypt is expected to witness a targeted 20% rise in FDI flows, driven by the depreciation of its currency.
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