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Signing MOU between GAFI and Crédit Agricole Egypt to attract FDIs

Cairo, 7 May 2024: Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), and Jean-Pierre Trinelle, Managing Director of Crédit Agricole Egypt, signed a memorandum of understanding regarding cooperation between GAFI and Crédit Agricole Egypt to support GAFI’ strategy to attract foreign direct investments to Egypt.

The signing ceremony took place in the presence of high-level officials from both entities. Crédit Agricole Egypt (CAE) delegation included Michel Le Masson, Head of International Banking Development of Crédit Agricole S.A., Osama Saleh, Chairman of the Board of Directors of Crédit Agricole Egypt, and Jean-Pierre Trinelle, Managing Director of Crédit Agricole Egypt, in addition to a number of representatives from the bank’s group, regional office, and Egypt subsidiary.

Hossam Heiba emphasized the General Authority for Investment and Free Zones’ keenness to collaborate with Crédit Agricole Egypt, given its crucial role in attracting foreign investors to Egypt through Crédit Agricole Group’s international network serving individuals and investors in 46 countries worldwide. This aligns perfectly with the Egyptian government’s plan to increase European investments. The plan will be launched through the Egypt-EU Joint Investment Conference, scheduled for the end of the current fiscal year.

Within the context of the memorandum of understanding signing, Crédit Agricole Egypt will continue its efforts to introduce more global clients to support growing business opportunities in Egypt. According to the MoU, the bank role will focus on liaising between the Authority and the Bank’s global clients.

Crédit Agricole Egypt will assist GAFI in organizing meetings with the bank’s client abroad that are interested in Egypt’s growing business potential, driven by the country’s economic diversification, strategic location, vast consumer market, and national mega-projects, such as the New Administrative Capital and the Suez Canal Economic Zone.

As per the memorandum of understanding, GAFI will provide foreign investors with comprehensive information on investment opportunities in Egypt, which include priority target sectors in line with the government’s plan.

Hossam Haiba stressed on the government’s deep belief in the important role financial institutions network plays in stimulating investment in various sectors. This coordinated effort will help creating a more sustainable business environment in Egypt.

During the signing ceremony, Jean-Pierre Trinelle said: “This MOU confirms Crédit Agricole Egypt’s commitment to develop a closer cooperation with GAFI in order to support the Authority’ strategy to accelerate economic development in Egypt, attract more Foreign Direct Investment and bring even more global clients to Egypt.”

Crédit Agricole Group is the tenth largest bank in the world, third largest in Europe and market leader in France. As a leading European bank with a long-standing presence in Egypt, Crédit Agricole Egypt is considered as one of the largest MNC banks offering a broad range of banking services to over 438,000 customers through a network of 83 branches and a strong corporate banking franchise.