GAFI, EFSA Sign MoU To Track FDI in Egypt

The General Authority for Investment and Free Zones (GAFI) signed on Saturday a memorandum of understanding (MoU) with the Egyptian Financial Supervisory Authority (EFSA) to track and exchange data on foreign direct investment (FDI) in Egypt.

The MoU was signed by Acting Chief Executive Officer of the GAFI Mohamed Abdel Wahab, Deputy Chairman of the EFSA Khalid Al Nashar in the presence of Minister of Investment and International Cooperation Sahar Nasr and Mohamed Omran, Chairman of the EFSA.

The protocol comes within the framework of fruitful and constructive cooperation to improve the investment climate in Egypt, support investment policies, and ensure the provision of information and data on foreign investments in Egypt to achieve integration and modernization.

In the meantime, net FDI fell to $ 5.9 billion in FY2018-19, down from $ 7.7 billion in the previous fiscal year.

A member of the Board of Directors of the Central Bank of Egypt, Fakhry Elfiky said that the volume of foreign investments in government debt instruments amounted to $ 20.1 billion by the end of July 2018.

On his part, the Egyptian Finance Minister Mohamed Maait said during a meeting with Marshall Billingsley, Assistant US Treasury Secretary for Counter-Terrorism Financing that his country is looking to attract more US investments to the local market.

"The Egyptian government is looking forward to enhancing bilateral cooperation with the United States, especially in the economic field to attract more investments to Egypt," he added.

It is noteworthy that Egypt advanced to 93rd out of 141 countries in the Global Competitiveness Report, which was issued last Wednesday by the World Economic Forum, compared to 94 last year.

The report pointed out that Egypt advanced 21 spots in the Market Efficiency Index, which is one of the Global Competitiveness Pillars, ranking 100th compared to 121st last year.

It is noteworthy that Egypt advanced to 93rd out of 141 countries in the Global Competitiveness Report, which was issued last Wednesday by the World Economic Forum, compared to 94th spot last year.

This came as a result of the government's efforts to facilitate procedures related to the investment process, including a tax system reform, and a boost of competition.