The General Authority for Investment and Free Zones (GAFI) and HSBC Bank Egypt signed a memorandum of understanding (MoU) to support the Authority’s strategy of attracting foreign direct investment to Egypt.

According to the MoU, GAFI will provide HSBC Egypt with information regarding investment opportunities in Egypt which include the targeted, priority sectors in line with the government’s plan.

The MoU was signed by the President of the General Authority for Investment and Free Zone (GAFI), Hossam Heiba and the Deputy Chairman and Chief Executive Officer of HSBC Bank Egypt, Todd Wilcox.

Heiba stressed that GAFI is keen to cooperate with HSBC to attract, introduce and connect more international investors to the growing business opportunities in Egypt.

“We believe that these strategic collaborations and agreements serve as catalysts for fostering investment across diverse sector and segments. By synergizing our strengths and leveraging the extensive network of financial institutions, we aim to create a robust ecosystem that propels sustainable economic growth and unlocks new avenues for investors nationwide,” Heiba said.

Egypt aims to secure $12 billion in foreign direct investments (FDIs) by the end of the 2023/2024 fiscal year (FY) in June, Heiba previously announced. He also mentioned that Egypt is expected to witness a targeted 20% rise in FDI flows, driven by the depreciation of its currency.