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Sunday, 19 March 2023

A new gov’t investment fund wants to attract FDI from expats

The Emigration Ministry will set up a new company aimed at encouraging Egyptians living abroad to invest in the local economy and bring more hard currency into the country, it said in a statement Friday. The Egyptians Abroad Investment Company will promote investment to major expat investors as well as regular savers, and has signed up eight Egyptian businessmen living abroad to sit on the board, the ministry said.

Sitting on the board are:

It’s early days: It’s still not clear how the company will operate. Board members and several state agencies will now prepare a plan on how to establish the company and how it will operate, according to the statement. A listing on the EGX or an exchange abroad is among the options being considered, it added.

REFRESHER- The government has launched several initiatives in recent months aimed at finding new sources of hard currency in response to the ongoing FX crisis. More attractive citizenship rules for foreigners, new tax incentives and land price discounts for foreign investors, and the car import scheme are all designed to stimulate new FX inflows.

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