Dr. Mostafa Madbouly, Prime Minister (PM), witnessed today the signing of a memorandum of understanding (MoU) between the General Authority for Investment and Free Zones (GAFI) and Cairo International Financial Center (CIFC) regarding the establishment of the latter in the New Administrative Capital. The signing ceremony was attended by Dr. Hala el-Saeed, Minister of Planning and Economic Development.
The MoU was signed by Mr. Hossam Heiba, GAFI CEO; Mr. Mohamed Saleh Al-Ahdaly, CEO of Promax Investments LLC and CIFC Chairman; and Mr. Hamdi Atta, Chairman of Gulf Data International Company and CIFC Manager.
On the sidelines of the signing, GAFI CEO said that CIFC intends to establish the first international financial center in Egypt, as a major center assisting in attracting investment flows to and from abroad in the form of financial instruments in Egypt and abroad.
He explained that these flows and instruments will be redistributed and exported to the world through local and foreign financial institutions such as banks, foreign exchange markets, capital markets, insurance companies and various financial intermediaries, through contracts, financial operations and transfers.
Mr. Hossam Heiba indicated that CIFC will be established as a financial city that operates according to the systems and business models of similar international centers, as it is planned to include an integrated infrastructure to serve investors, companies, and government institutions, which will be enhanced and supportive to achieve the goals of CIFC. The aim behind it is to facilitate access to international finance and investments in order to finance entrepreneurial risks and develop capital markets, industries and infrastructure projects.
Moreover, GAFI CEO said that the establishment of CIFC comes as part of the State's strategy encouraging the increase of FDI flows by providing more favorable conditions and greater opportunities to more investments in a way that would assist in achieving sustainable development goals (SDGs), taking into account the applicable laws, regulations, and procedures.
