Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), said that the authority is taking rapid steps to implement the Cairo International Financial Center (CIFC) as soon as possible, explaining that the expected investments range between $2-3bn. Heiba told Daily News Egypt that the memorandum of understanding signed in March between the GAFI and the CIFC consortium regarding the establishment of the Cairo International Financial Center in the New Administrative Capital stipulated that implementation should begin within 12 months. He mentioned that the state primarily aims to achieve its economic goals and attract capital and direct investments through the centre. CIFC role will be to assist investment flows to and from Egypt, through all categories of financial products in and outside Egypt. Cairo International Financial Center’s main target will be to facilitate access to international finance and investments to finance entrepreneurial risks and develop capital markets, industries and infrastructure projects.

Source: Daily News Egypt April 05, 2023 14:44 UTC