'Golden License' to Be Issued to Boost Investments Across Egypt
Investors in Egypt will be granted three-month ‘golden licenses’, encouraging foreign and local investment across the country.
In a move to boost investment opportunities in Egypt, a three-month golden license will be granted to all investor applicants to facilitate and speed up projects across the country.
The license will allow investors to buy or rent lands while operating and managing developing projects with a one-time approval skipping multiple procedures at various governmental bodies. After the three-month period, projects will be assessed and the licenses can be renewed accordingly.
The new decision is expected to increase foreign investment opportunities worth USD 5 billion by the end of 2023, in light of Egypt’s new IMF agreement. Golden licenses are also set to reduce inflation rates, while not affecting citizens’ income according to Fakhry El-Feky, head of the Parliamentary Committee for Planning and Budget.