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23 Oct 2023

Collaboration between GAFI and QNB for Promoting Investment in Egypt

​The General Authority for Investment and Free Zones (GAFI) and Qatar National Bank (QNB) signed a Memorandum of Understanding to enhance cooperation in the field of investment. This comes within the framework of the government’s plan to maximize the role of the local and foreign private sector in promoting investment in Egypt. The MoU was signed by Mr. Hossam Heiba, GAFI CEO, and Mr. Mohamed Bedeir, CEO of QNB in Egypt.  

The MoU stipulates that QNB will promote investment in Egypt internally and through its branches worldwide. Moreover, it will inform its customers of GAFI’s services and the investment opportunities available, in addition to providing accurate information about the economic sectors that are of interest to customers wishing to invest in Egypt. QNB will also participate in organizing bilateral and group meetings for the bank’s customers with GAFI’s senior officials during the promotional tours inside and outside Egypt.   

On the other hand, GAFI will provide QNB with all information and legislation regarding the business environment, investment opportunities, and targeted sectors in accordance with State's plans, and will provide distinguished services to QNB customers interested in investing in Egypt.

Eventually, Mr. Hossam Heiba stated that GAFI is currently signing a number of MoUs with commercial banks. The most recent signed MoU is that with QNB to promote investment and take advantage of the spread of the branches of such banks outside and inside Egypt, provided that GAFI introduces investors to the financing advantages offered by such banks to achieve a common benefit to both parties.