According to a decision by the Egyptian Interior Ministry, foreign investors can now get year-long non-touristic residences when submitting investment proposals to the General Authority For Free Zones and Investment (GAFI), Al Mal reported on Saturday.
The residency may then be prolonged for increments of six months or a year depending on how long it takes to establish the company.
The Madbouly government allowed foreigners to apply for the green passport earlier this year in exchange for setting up a solo or joint investment enterprise with a $350k investment and depositing $100k into the state treasury.
The process of making it easier for foreigners to enter Egypt didn’t start with this.
It came as part of a longer list of ways for foreigners to acquire citizenship in exchange of hard currency that included property purchases and direct deposits.
Last week, the administration unveiled a slew of initiatives intended to draw in foreign investment and resolve the nation’s chronic currency issue.
The 22 modifications include new financial incentives for certain industries, legal upgrades to reinforce contract enforceability, and administrative adjustments to speed up licensing and improve state business transparency.
FDI is key for exiting the crisis: Along with its privatization program, the government is trying to boost FDI and export revenues in a bid to increase inflows of foreign currency.
Greater FX inflows will help ease the pressure on the EGP and stamp out the black market, giving the Central Bank of Egypt more room to float the currency, and resume the IMF program.
