A three-months golden licence will be given to all investor applicants in an effort to increase investment prospects in Egypt and to facilitate and expedite projects all around the nation.
With a single approval, investors will be able to acquire or rent land and operate and manage development projects without having to go through several formalities with various governmental organisations. Projects will be evaluated after the three months, and permits can be renewed as necessary.
In light of Egypt’s new IMF agreement, the new decision is anticipated to increase chances for foreign investment worth USD 5 billion by the end of 2023. According to Fakhry El-Feky, head of the Parliamentary Committee for Planning and Budget, golden licences are also expected to lower inflation rates without impacting citizens’ incomes.
