Egypt’s General Authority for Investment and Free Zone (GAFI) has signed an MoU with HSBC Bank Egypt to support the authority’s strategy of attracting foreign direct investment to the North African country.
The agreement follows GAFI’s mission with HSBC to Singapore and China in 2023, which underscored how investors regard the opportunities that exist for them in Egypt.
Hossam Heibah, President of the GAFI stressed that the authority is keen to cooperate with HSBC to attract investors through its strong international network across the world and connects Asia, Europe and the Middle East.
HSBC will introduce and connect more international investors to the growing business opportunities in Egypt through even closer cooperation with the Authority. The cooperation illustrates Egypt’s commitment towards fostering a private sector role in the economy.
Egypt’s diversified economy, strategic location, large consumer market and numerous national projects, including the Suez Canal Economic Zone, underpins the country’s long-term potential.
GAFI will work to provide HSBC Egypt with information regarding investment opportunities in Egypt under the deal, including targeted, priority sectors in line with the government’s plan.
“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,” said Heibah.
“The strength of the government’s ambition is demonstrated by its goal of doubling the private sector’s share in the economy over the next four years,” said Todd Wilcox, Deputy Chairman and CEO of HSBC Bank Egypt.
HSBC Bank Egypt is one of the largest multinational banks operating in Egypt, providing a comprehensive range of banking and related financial services through a network of more than 55 branches and outlets in prominent cities in Egypt.