Egypt aims to increase volume of investment, growth rate: Mohsen Adel

The Egyptian government is seeking to improve the business environment to attract private sector investments, achieve the target growth rate and increase the volume of investments, newly appointed CEO of General Authority for Investment and Free Zones (GAFI) Mohsen Adel said.

Adel pointed out that the past period witnessed a transformation in the economic structure, adding that the Ministry of Investment and International Cooperation led several legislative amendments and a strong configuration of investment infrastructure in Egypt.

For her part, Minister of Investment and International Cooperation Sahar Nasr said that appointing Mohsen Adel as CEO of GAFI for one year comes within the framework of supporting young leaders in various sectors of the ministry.

Nasr clarified that deputies CEO of GAFI Mohamed Abdel Wahab and Ola al-Qubarsi are also two young cadres.

The minister referred that the decision coincides with the prime minister’s directives to restructure the board of directors of GAFI and implement the economic program of the government to push performance rates in various sectors.

Prime Minister Mostafa Madbouly’s directives aim to intensify efforts to encourage and attract local, Arab and foreign investments, and to strengthen corporate governance and related disclosures, Nasr added.

She noted that the board of directors of the authority will work on implementing the commission’s plan on promoting all the investment opportunities included in the Egyptian investment map within the framework of the cooperation between the Ministry of Investment and International Cooperation and other ministries, in addition to the expansion of free and investment zones in all governorates of Egypt.

The minister thanked former Chief Executive Officer Mona Zoba for the successful tenure that she led.

Abdel Wahab stated that the authority will work on completing the administrative and institutional reform plan to develop the existing free zones and open a number of new free and investment zones as well as new branches of the investor services center in the governorates, removing all obstacles facing investors.

It is worth mentioning that Adel was the chairman of the Egyptian Exchange (EGX) for a transitional period in 2017.

On July 19, 2017, Adel was appointed vice chairman of the EGX for four years.
He is also a member of the board of directors of the Investor Protection Fund and the representative of the Egyptian Stock Exchange in the Federation of Arab Stock Exchanges.

From 2013 to 2017, He served as a member of the board of directors of the Egyptian Stock Exchange, a member of the Capital Market Advisory Committee of the board of directors of the Financial Supervisory Authority, and a member of the board of directors of the Institute of Financial Services.

He also was the vice president of the Egyptian Association for Finance and Investment Studies; Adel has 20 year experience in the economic field.