CAIRO – 19 November 2024: CEO of the General Authority for Investment and Free Zones (GAFI) received a delegation from Japan Bank for International Cooperation (JBIC) led by Chief Representative for the Middle East Kenny Kitamura to discuss devising sustainable mechanisms to finance Japanese firms aiming for investment in Egypt.
Kitamura pointed out that that the bank would focus on green hydrogen projects, and that the funding would be provided either directly or through partnerships with Arab funds operating in Egypt.
On his side, GAFI's CEO pointed out that cooperation with JBIC would contribute to Egypt's endeavors to take over eight percent of the global green hydrogen market by 2040, and become one of the major exporters of renewable energy to Europe.
Heiba added that the Egyptian government had been interested in Japanese investments given their developmental role, and ability to transfer modern technology. That is why in the past two months, GAFI hosted meetings with delegations from Egypt-Japan Business and Investment Promotion Committee, Japanese embassy, Japan Business Association (JBA), Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Nippon Export and Investment Insurance (NEXI), and Japan Overseas Infrastructure Investment Cooperation (JOIN), and many major Japanese firms.
The GAFI CEO also highlighted that three Japanese firms had got the golden license and began operation in the Egyptian market. Those are Otsuka, Sumitomo, and Yazaki.
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