The General Authority for Investment and Free Zones (GAFI) signed off on the execution of 31 new investment projects across Egypt during the first nine months of 2020, at a total cost of USD 1.1 bn (EGP 17.2 bn), Invest-Gate reports.

The new projects come with a total capital of USD 417 mn (EGP 6.5 bn), GAFI Executive Director Mohamed Abdel Wahab affirmed in an official statement on November 22.

Cairo, Giza, Sharqiya, and Damietta have seven investment zones, comprising 938 projects with investments worth EGP 29 bn, he further stated.

In its statement, GAFI acknowledged setting out initiatives to help remove barriers and obstacles to doing business and attracting investors, while also promoting projects and investment opportunities offered by the government to position Egypt on the global investment map.

Recently, many foreign companies are pumping new investments into the Egyptian market, such as USD 84 mn (EGP 1.3 bn) by Samsung over five years, in addition to USD 70 mn (EGP 1.1 bn) and USD 100 mn (EGP 1.6 bn) by Pfizer and PepsiCo, respectively, in FY 2020/21.