Signing of a Memorandum of Understanding Between the General Authority for Investment and Cairo Bank to Enhance Investment in Egypt
A memorandum of understanding was signed between the General Authority for Investment and Free Zones and the Cairo Bank to enhance cooperation in the investment field. This is part of the government’s plan to increase the role of all institutions in promoting investment in the Arab Republic of Egypt.
The memorandum was signed by Mr. Hossam Heiba, the CEO of the General Authority for Investment and Free Zones, and Mr. Tarek Fayed, Chairman of the Board and CEO of Cairo Bank, in the presence of Mr. Bahaa El Shafei, Vice Chairman of the Bank, and Mr. Ashraf Khalil, Head of the Bank’s office in the United Arab Emirates.
The memorandum stipulates that the bank will contribute to enhancing investment in the Arab Republic of Egypt, both domestically and through its branches abroad. The bank will showcase the Authority’s services and available investment opportunities to its clients, and provide them with information about the economic sectors that interest investors in Egypt. In addition, the bank will participate in organizing bilateral and group meetings between its clients and the Authority’s leadership during promotional tours in Egypt and abroad.
On the other hand, the General Authority for Investment will provide the bank with all information and legislation related to the business environment and investment opportunities according to the state’s plans. The Authority will offer premium services to the bank’s clients who are interested in investing in Egypt.
Mr. Hossam Heiba confirmed that the Authority is currently signing several memoranda of understanding with banks to benefit from the presence of these banks inside and outside Egypt. The Authority will offer support to investors to take advantage of the financial opportunities provided by these banks for mutual benefit.
Mr. Tarek Fayed added that joint workshops and training courses will be held to improve the business environment and make it more attractive for local and foreign investment. The bank will also highlight the executive and legislative progress that encourages foreign direct investment and provides investors with necessary information.
Mr. Bahaa El Shafei explained that according to this memorandum, the bank will work in cooperation with the General Authority for Investment to establish investment partnerships aimed at transferring knowledge and technology, facilitating communication between the Authority and clients interested in investing in Egypt, and benefiting from the bank’s various services to support the investment environment.
Finally, Mr. Ashraf Khalil, Head of the Cairo Bank office in the United Arab Emirates, pointed out that the investment climate in Egypt is attractive to Gulf companies due to several factors, including the large local market, skilled workforce, competitive costs, and strategic location as a gateway for Egyptian goods to European, African, and Arab markets. He also referred to the development of infrastructure in Egypt in recent years.