GAFI was established in the late 1970s and over time has acquired the role of setting up and operating tax free zones in different locations in Egypt. In July 2004, a new Ministry of Investment was created with a wide range of responsibilities, including supervision of GAFI, which came under a new management team. GAFI was responsible for facilitating investment and policy advocacy for increasing investment flows. It was also given a clear mandate from the Cabinet to act as a catalyst, in partnerships with all Ministries, for promote local and foreign investment in all sectors of the economy. In addition to its one-stop-shops, GAFI opened a number of regional offices that aimed to promote regional investment.
GAFI also oversees the setting up and operation of tax free zones, the Egypt Privatisation Programme, the insurance sector, the mortgage finance sector and the Egyptian Stock Market.
This institutional twinning project involves the Egyptian Ministry of Investment, the German Federal Ministry of Economic and Technology (BMWi) from Germany and Austrian Agency for Economic Development (AED).
The planned outcomes of the project are:
- To contribute to the achievement of higher rates of growth and increased inflows of capital, expertise and technology
- To strengthen national policy and the institutional framework for investment promotion in Egypt
- To help GAFI become more customer-focused and pro-active in attracting investment through restructuring management practices
The project activities are grouped into the following main components:
1. Strategic planning, sectoral analysis and regulatory reform
2. Investment promotion and international marketing
3. Management reform and development