Cairo – February 7, 2024: General Authority for Free Investment Zones (GAFI) and HSBC Bank of Egypt partner to increase foreign direct investment in Egypt. The parties signed a Memorandum of Understanding (MoU) under which GAFI will provide HSBC Egypt with information regarding investment opportunities in Egypt.
These opportunities include targeted priority areas in line with government plans. The memorandum of understanding was signed by Hossam Heiba, Governor of the General Authority for Free Investment Zones (GAFI), and Todd Wilcox, Vice Chairman and Chief Executive Officer of HSBC Bank Egypt.
The GAFI chairman emphasized that the authorities are keen to work with HSBC to attract, introduce and connect more foreign investors to the growing business opportunities in Egypt.
“We believe that these strategic alliances and agreements will act as catalysts to drive investments across diverse sectors and segments. By synergizing our strengths and leveraging our extensive network of financial institutions,” We aim to build a robust ecosystem that drives sustainable economic growth and opens new avenues for investors across the country,” said Heiba.
Egypt aims to secure $12 billion in foreign direct investment (FDI) by the end of the 2023/2024 financial year (fiscal year) in June, Heiba previously announced. He also said that FDI in Egypt is expected to increase by 20% of the target due to currency depreciation.
