Banque du Caire and the General Authority for Investment and Free Zones (GAFI) have signed a memorandum of understanding (MoU) to enhance cooperation in the investment field, as part of the government’s plan to maximise the role of all institutions in promoting investment in Egypt.
The MoU was signed by Hossam Heiba, CEO of the General Authority for Investment and Free Zones, and Tarek Fayed, Chairperson and CEO of Banque du Caire, in the presence of Bahaa El Shafie, Deputy CEO of the Bank, and Ashraf Khalil, Head of the Banque du Caire Representative Office in the UAE.
The MoU states that the bank will promote investment in Egypt internally and through its branches abroad. It will introduce its clients to the services and opportunities offered by the Authority. The bank will also provide information about economic sectors of interest to potential investors. Moreover, the bank will participate in organising bilateral and collective meetings for bank clients with the Authority’s leaders during promotional tours inside and outside Egypt.
On the other side, GAFI will provide the bank with all information and legislation related to the business environment, investment opportunities, and targeted sectors according to the state’s plans. It will offer distinguished services to the bank’s clients who are interested in investing in Egypt.
Hossam Heiba said that the Authority is currently signing several MoUs with banks, taking advantage of their presence inside and outside Egypt. The Authority will introduce investors to the financing advantages offered by these banks for the mutual benefit of both parties.
Tarek Fayed expressed his pride in cooperating with GAFI, noting that joint workshops and training courses will be held to improve the working environment and make it more attractive for both local and foreign investments. The bank will also focus on highlighting the executive and legislative breakthroughs that encourage foreign direct investment and informing investors about them.
Bahaa El Shafie said that under the MoU, the bank will collaborate with GAFI to find investment partnerships that can transfer and localise knowledge and technology. It will facilitate communication between the Authority and clients who are interested in investing in Egypt and leverage various banking services to benefit the investment environment.
Ashraf Khalil added that the investment climate in Egypt is attractive to Gulf companies, given its many advantages, such as the large local market size, highly qualified workforce, competitive costs, and strategic location as a gateway for Egyptian goods to European, African, and Arab markets. He also said that Egypt’s infrastructure has witnessed a significant leap in recent years.
