GAFI, HSBC Egypt sign pact on attracting foreign direct investments

GAFI, HSBC Egypt sign pact on attracting foreign direct investments

Egypt - Hossam Heibah, President of the General Authority for Investment and Free Zone (GAFI) announced Wednesday the signing of a Memorandum of Understanding (MOU) with Todd Wilcox, Deputy Chairperson and Chief Executive Officer on behalf of HSBC Bank Egypt, regarding the cooperation between GAFI and the Bank to support the Authority’s strategy of attracting foreign direct investment to Egypt.

This agreement follows GAFI’s successful 2023 mission with HSBC to Singapore and China which underscored how highly investors regard the opportunities that exist for them in Egypt.

Heibah stressed that GAFI 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. This cooperation illustrates the Egyptian Government’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.

According to the pact, GAFI will work to provide HSBC Egypt with information regarding investment opportunities in Egypt which include the targeted, priority sectors in line with