GAFI head tours governorates in search of investment zones

CAIRO – 17 December 2018: Mona Zobea, Acting CEO of the General Authority for Investment (GAFI) is conducting field visits to a number of governorates to select new investment and free zones, a source at GAFI said Sunday.

He said Zobea, and a delegation of officials from GAFI have visited the Red Sea governorate to pick out a suitable area that could contribute in attracting investment to the governorate as per the directions of Sahar Nasr, Minister of Investment and International Cooperation.

The source added that this comes in tandem with the government’s plan to expand investment centers to serve investors in different governorates.

During her participation in the annual meeting of the Center for Mediterranean Integration (CMI) in Marseille, Paris on Saturday, Nasr said that Egypt has made notable progress in the field of investment during the past months after issuing a number of laws that aim to encourage companies to do business in Egypt.

She said that Egypt has recently passed a new investment law that includes a bundle of incentives and guarantees for investors, adding that Egypt’s investment climate is suitable to receive an influx of new businesses.

Nasr further said that an investment map is scheduled to be launched soon, which will include all investment opportunities available in different fields.

Egypt is targeting $10 billion in foreign direct investments during fiscal year 2017/18.