According to a statement on Sunday, Master Gold Egypt, in collaboration with the regional e-payment technology company Finway, opened the first ATM in Egypt to sell gold bars.
Speaking on the sidelines of the third Nebu Expo for Gold and Jewelry, Minister of Supply and Internal Trade Ali Moselhi stated that the new ATM will offer users the most satisfactory user experience while assisting Egypt’s efforts to achieve digital transformation and financial inclusion.
The location of the new ATM, however, was not mentioned in the statement.
From November 26 to 28, the event will take place in Cairo, with 110 investors from 18 countries as well as 50 local and international companies participating.
Moselhi further noted that Egypt desires to establish itself as a center for gold exports to Italy, the Gulf states, and Africa.
A series of initiatives, including gold investment funds, were introduced by the Egyptian government and the private sector to increase gold investments.
The zero-customs initiative for gold imports by Egyptian nationals abroad was approved by the Egyptian Cabinet on November 8 and will remain in effect for six months, ending on May 10.
Egyptian gold exports increased from $1.126 billion in 2021 to $1.633 billion in 2022, a 45 percent increase, according to Egypt’s General Organization for Export and Import Control estimates.
