Cairo: The CEO of the General Authority for Investment and Free Zones (GAFI) met with a delegation from the Japan Bank for International Cooperation (JBIC) on Tuesday, led by their Chief Representative for the Middle East, Kenny Kitamura, to discuss sustainable financing mechanisms for Japanese firms interested in investing in Egypt.

According to State Information Service Egypt, Kitamura emphasized that the bank’s primary focus would be on funding green hydrogen projects. This funding could be provided directly or through partnerships with Arab funds that are already operating in Egypt. He also noted the potential role of JBIC in supporting these initiatives.

GAFI’s CEO highlighted that collaboration with JBIC would significantly aid Egypt’s goal to capture eight percent of the global green hydrogen market by 2040. This cooperation is expected to position Egypt as a major exporter of renewable energy to Europe. Emphasizing the importance of Japanese investment, he pointed out that it brings developmental be
nefits and modern technology transfer.

Over the past two months, GAFI has engaged with various Japanese entities, including the Egypt-Japan Business and Investment Promotion Committee, the Japanese embassy, the Japan Business Association (JBA), and other major organizations such as the Japan External Trade Organization (JETRO) and the Japan International Cooperation Agency (JICA). Additionally, three Japanese firms-Otsuka, Sumitomo, and Yazaki-have already received the golden license to operate in the Egyptian market, marking a significant step in strengthening economic ties between the two countries.