- Discussions with Visa focused on establishing the first Trade Tech Sandbox to leverage artificial intelligence in analyzing export data and opening new markets for Egyptian exports.
- Consultations also addressed ways to position Cairo as a regional hub for financial technology and to support exports through advanced technological solutions.
Dr. Mohamed Farid Saleh:
- The Egyptian economy is ready to receive investments in all sectors, and we are continuing to reform the business environment.
- Discussions with Visa INC addressed how to cooperate in developing the technological capabilities of the investment and foreign trade system.
- The digitization of financial services, especially non-banking services, has opened the door to hundreds of thousands of new investors, enhancing financial inclusion.
Visa Executives:
- We are committed to increasing our investments in Egypt, and the Egyptian government is implementing a serious reform agenda.
- The number of employees at Visa’s Cairo office has increased to more than 130, making it a regional center serving North Africa, the Levant, and Pakistan.
Washington, D.C. – April 14, 2026
At the start of his official visit to Washington, D.C., to participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade (MIFT Minister), held an extensive meeting with a high-level delegation from Visa INC, headed by Mr. Robert Thomson, Senior Vice President and Global Head of Government Affairs, and including Ms. Caitlin McDonnell, Vice President for International Affairs. The meeting focused on enhancing the company's investments in Egypt and transforming Cairo into a regional hub for digital innovation. Discussions also covered cooperation in several areas, most notably the establishment of the first Trade Tech Sandbox for Egyptian foreign trade. This initiative aims to support increased Egyptian exports and target markets using innovative models, systems, and ideas.
This meeting is part of the consultations and discussions the Minister is conducting during his official visit to Washington. He is also meeting with executives of leading global companies to encourage their investments in the Egyptian market, review investment incentives and regulations, and discuss Egypt's reform and development plans. These plans aim to strengthen macroeconomic indicators and implement structural reforms to enhance the investment climate and support the business environment.
At the outset, Dr. Farid affirmed that the Egyptian economy is well-prepared and capable of accommodating investments across all sectors. During the meeting, the Minister reviewed Egypt’s qualitative leap in the digitalization of the non-banking financial sector, noting the adoption of modern regulatory frameworks, including electronic identification (E-Identification), electronic Know Your Customer (E-KYC), and e-contracting. These reforms have contributed to a fundamental transformation of the investment environment.
Dr. Farid explained that these reforms have been reflected in tangible indicators, most notably unprecedented growth in the capital market, with the number of new investors in the stock exchange rising from 25,000 to 350,000 annually over just three years, driven by the digital onboarding system. He also highlighted the empowerment of youth through allowing investment accounts to be opened from the age of 15, thereby promoting a culture of early savings and investment.
The Minister further stated that the reforms have also contributed to the digitalization of insurance and crowdfunding, noting that regulatory frameworks for crowdfunding have been activated, and insurance policies are now issued fully electronically.
He revealed that studies are underway to establish specialized financial and technology zones built on three main pillars. The first pillar relates to international legal frameworks, aiming to provide a regulatory environment aligned with global standards to attract Venture Capital funds.
The second pillar focuses on Green Data Centres along the northern coasts, powered by renewable energy, leveraging the passage of 21 submarine cables through the Suez Canal, thereby reinforcing Egypt’s position as a global data traffic hub.
Dr. Farid added that the third pillar targets the localization of the software industry and maximizing the use of Egypt’s highly skilled talent in mathematics and physics to generate local value in the field of Artificial Intelligence.
On their part, Visa executives praised Egypt’s reform agenda, affirming their commitment to expanding their investments in the Egyptian market. They noted that the number of employees at Visa’s Cairo office has increased to more than 130, positioning it as a regional hub serving North Africa, the Levant, and Pakistan.
Visa executives also reviewed the success of several initiatives, including the “Citizen Card” project in Port Said Governorate and the “Digital Villages” initiative supporting micro-enterprises. They further discussed opportunities for cooperation in the digitization of various government services provided to citizens.
The Minister concluded the meeting by inviting Visa to participate in the establishment of a Trade Tech Sandbox, which the Ministry intends to launch at the Foreign Trade Training Centre. The initiative aims to leverage Artificial Intelligence to analyse export data and open new markets for Egyptian products.
For their part, Visa executives expressed interest in participating in this initiative, reinforcing their role as a strategic partner in supporting Egypt’s comprehensive digital transformation efforts and enhancing export competitiveness.
