The Egyptian General Authority for Investment and Free Zones (GAFI) has introduced a new single-approval system to make it easier for investors to invest in projects.
The CEO of GAFI, Hossam Heiba, announced on Monday that the authority has already granted 20 new approvals, including four for green hydrogen projects. The new system will cover licensing for construction, environmental requirements, civil defense, and other permits relevant for investment activities.
It will be issued within 20 days. Heiba also announced the issuance of 20 new golden licenses. These permits allow investors to acquire or lease land and operate enterprises without requiring further government approvals.
Heiba also revealed that GAFI will launch an online platform for establishing companies soon and a new fund to support Egypt’s auto industry. He noted that Egypt aims to double the production of auto supplementary industries with investments from countries such as Japan and Tunisia.
Egypt is taking significant steps to encourage investment and entrepreneurship, supporting the investment climate and developing startup legislation. The country intends to increase the private sector’s share in the economy to 65% from the current 30%, according to the State Ownership Policy Document.
The government is also implementing a broad privatization program to offer 32 state-owned companies operating in 18 sectors to strategic investors within a year, under an economic reform program with the International Monetary Fund.
