Mahalb to name GAFI’s board of directors soon: Investment Minister
Prime Minister Ibrahim Mahlab - YOUM7 (Archive)

CAIRO: Prime Minister Ibrahim Mahlab will soon issue a decision to form a new board of directors for the General Authority For Investment and Free Zones (GAFI), Minister of Investment Ashraf Salman was quoted as saying by al-Mal on Wednesday.

The new board is set to include four Arab businessmen, for Egyptian businessmen and two Ministers, said Salman who added that, Hassan Fahmy, the current chairman of GAFI will remain in his post.

The current GAFI’s board of directors was formed during the tenure of Mubarak’s Minister of Investment Mahmoud Mohey Eldin, GAFI’s Vice Chairman Alaa Amr said.

“The new board will set up investment strategies and policies along with suggesting economic plans for the private sector,” Amr said.

In order to boost the deteriorating Egyptian economy, Salman has asked the Cabinet on Monday to pump new economic stimulus package that would encourage new foreign investments, sources at the investment ministry told al-Mal.

Cairo will welcome a delegation of the heads of major South Korean companies in August to research potential investment increases in Egypt, the economic adviser to the South Korean Embassy in Cairo said Wednesday during a meeting with Investment Minister Ashraf Salman and representatives of 11 Asian countries.

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