In a recent interview with Ashraq Business, Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), revealed that Egypt plans to introduce silver licenses for startups by the end of 2023. This initiative is expected to simplify the market entry process and facilitate investors in commencing their business activities without encountering any complicated procedures.
According to Heiba, company financing has witnessed a significant increase of approximately seven percent in the first half of 2023 compared to the previous year. In line with this growth, the Egyptian government aims to attract $12 billion in foreign direct investments during the current fiscal year 2023/24.
Egypt has implemented several measures to support businesses and encourage investment, including the launch of golden licenses and a 62 percent reduction in the documentation required for new companies to prove their legitimacy and commence operations. These steps reflect the country’s commitment to fostering a conducive environment for startups and investors.