Egypt’s General Authority for Investment and Free Zones (GAFI) signed a Memorandum of Understanding (MoU) with HSBC Bank Egypt to bolster GAFI’s strategy of drawing foreign direct investment (FDI) into Egypt, the Egyptian Cabinet announced on Wednesday.
The MoU signifies the Egyptian government’s dedication to boosting the private sector’s role in economic development.
This commitment is evident from the successful 2023 tour by GAFI, in partnership with HSBC Bank, in Singapore and China. The tour highlighted investors’ recognition of the investment opportunities in Egypt.
Under the agreement, HSBC will strive to draw more global investors and acquaint them with the expanding business prospects in Egypt. These opportunities are backed by Egypt’s diversified economy, strategic position, large consumer market, and significant national projects, including the Suez Canal Economic Zone (SCZONE).
GAFI will actively supply HSBC Bank Egypt with data on investment opportunities in Egypt that encompass priority sectors that align with the government’s strategy.
