Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), announced the signing of a Memorandum of Understanding (MoU) with Mr. Todd Wilcox, Deputy Chairman and CEO of HSBC Egypt on behalf of HSBC Bank Egypt, regarding cooperation between GAFI and HSBC to support GAFI's strategy to attract FDIs to Egypt.
The MoU demonstrates the extent of the Egyptian government's commitment to enhancing the role of the private sector in developing the economy, especially as it comes following the successful tour carried out by the GAFI in cooperation with HSBC in Singapore and China in 2023, which confirmed the investors' appreciation for the opportunities available in Egypt.
Mr. Heiba confirmed that GAFI is keen to cooperate with HSBC to attract investors through the bank's international network spread throughout the world, which links the regions of Asia, Europe and the Middle East.
According to the MoU, HSBC will attract more international investors and introduce them to the growing business opportunities in Egypt, supported by the diversification of the Egyptian economy, strategic location, huge consumer market and major national projects, including the Suez Canal Economic Zone.
Under this MoU, GAFI will provide HSBC Egypt with information related to investment opportunities in Egypt, which include priority target sectors in line with the government's plan.
Mr. Hossam Haiba stressed the government's deep belief in the importance of a strong network of financial institutions in stimulating and enhancing investment in various sectors, and that coordinating efforts will improve and create a sustainable business environment.
During the signing ceremony, Mr. Todd Wilcox said, “The strength of the Egyptian government's ambition is evident in its goal of doubling the share of the private sector and its role in promoting economic development over the next four years." This MoU confirms HSBC's commitment to working with GAFI in order to support such ambitious strategy to attract foreign investments and transform Egypt into a strategic international commercial center.
