Egypt's GAFI, QNB sign MoU to promote investment

Ahram Online , Monday 23 Oct 2023

Egypt's General Authority for Investment and Free Zones (GAFI) signed a memorandum of understanding (MoU) with Qatar National Bank (QNB) to promote investment in the country, according to a Cabinet statement on Monday.

The General Authority of Free Zones and Investment (GAFI). File photo
The General Authority of Free Zones and Investment (GAFI). File photo

 

The MoU was signed by the authority's CEO Hossam Heiba and the CEO of QNB’s banking company in Egypt Mohamed Bedeir.

According to the MoU, QNB will inform its clients worldwide about investment opportunities in Egypt and GAFI’s services.

Meanwhile, GAFI will provide QNB with the necessary information about Egypt’s business environment, investment opportunities, and relevant sectors.

"The GAFI is currently signing several MoUs with commercial banks worldwide, taking advantage of the spread of these banks’ branches outside and inside Egypt, to promote investment," Heiba added.

Since the beginning of 2023, Egypt has taken serious steps towards promoting and attracting investment including slashing the paperwork required for new companies to prove their legitimacy and start operations by 62 percent.

The country has also exerted efforts to improve the business climate and facilitate investments within the framework of the State Ownership Policy Document, which aims to increase the share of the private sector in the economy from 35 percent to 65 percent.

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