The Central Bank of Egypt (CBE) signed on Tuesday a cooperation protocol with the General Authority for Investment and Free Zones (GAFI) and the Egyptian Credit Bureau (I-Score) to exchange data and information through electronic systems and facilitate procedures for investors.
The CBE that it comes within the framework of the state’s efforts to develop public services provided to citizens, and to stimulate investment.
The protocol aims to automate the licensing of company establishment or capital increase, in addition to linking the three parties through an advanced electronic enquiry system, which saves time and effort in all related procedures and attracts more investments in the Egyptian market.
According to the Central Bank, the new protocol facilitates procedures for investors by directly linking banks to GAFI instead of the current paperwork cycle, which takes more than 10 days to complete the procedures for establishment of companies or increase their capital.
It added that the protocol allows banks to transfer data electronically to GAFI in real time to start the incorporation procedures directly, and in return, GAFI informs the bank electronically of the completion of the incorporation, with the attachment of the incorporation contract and the commercial registry.
It also allows the automation of mandates issuance for the benefit of GAFI replacing the manual process, including printing, stamps, and signature validation, with an electronic entry system where the bank uploads the mandate on the system and sends it to GAFI directly.