The government aims for the Cairo International Financial Center to be the most important financial center and the primary platform for VC funds in the Middle East and North Africa region
CEO of The General Authority for Investment & Free Zones, Hossam Heiba, said that the government aims for the Cairo International Financial Center to be the most important financial center and the primary platform for VC funds in the Middle East and North Africa region.
The center will have incentives and guarantees granted for private free zones, as well as include representatives of the most important investment funds and branches of international banks, to provide the necessary financing for traditional private sector projects, emerging companies, and infrastructure projects in Egypt and in the region.
GAFI’s CEO signed the memorandum of understanding regarding the establishment of the Cairo International Financial Center in the New Administrative Capital, last March, with the aim of enhancing investment flows to and from Egypt, through local and foreign financial institutions such as banks, insurance companies, financial intermediaries and investment funds.
Mr. Hossam Heiba added that the global economy is currently being reshaped, and there are industries being transferred from China and Europe to a number of countries, and Egypt is at the top of the list of these countries, becoming an essential link in global value-added chains.
He contributed this to Egypt’s distinguished location, advanced infrastructure, and available labor. In addition to investment and trade agreements linking it to an African market that includes 1.3 billion consumers, he pointed out that the recent visits he made to a number of countries were intended to transfer expertise and strengthen cooperation to support the Egyptian business environment.
Heiba also mentioned that the launch of a center for creativity and industrial innovation was also discussed in cooperation with Japan.
Heiba also highlighted the significant developments in the field of entrepreneurship. In 2023, the government collaborated with the World Bank to initiate a venture capital fund valued at $50 million.
Additionally, an electronic establishment platform was introduced, experiencing high demand and witnessing a twofold increase in the number of electronically established individual companies each month. Moreover, a dedicated unit has been established under the Egyptian Cabinet to provide support for entrepreneurship endeavors.
He mentioned that an electronic platform for this unit will be launched, facilitating discussions on all matters related to entrepreneurship and serving as a means of communication with entrepreneurs.
Furthermore, efforts are underway to expand the establishment of private free zones, eliminating location restrictions and minimum capital requirements to foster entrepreneurial activities.