Cairo (Daily Pakistan Online) Egypt has announced the granting of citizenship to foreigners who have made an irrevocable investment of two and a half million dollars. According to the official Al-Ahram newspaper, Prime Minister Mustafa Madabauli has decided to grant the applicants Egypt on 4 conditions. The following are the 4 conditions announced by the Egyptian government.
Buy a property worth $300,000 in Egypt, invest $350,000, deposit $500,000 in an Egyptian bank account or make a non-refundable $250,000 foreign revenue deposit to the government treasury. To Egypt. These are new measures to attract foreign investors from Egypt. It should be noted that Egypt is currently in dire shortage of dollars and is struggling with the worst inflation.
In 2018, the parliament passed a law under which foreigners were eligible for Egyptian citizenship in return for a deposit of 400,000 dollars or 7 million Egyptian pounds. But now the prime minister has stipulated that the deposit should be in dollars only. Because the dollar crisis continues in the country. Cairo’s foreign exchange reserves are 34.35 billion dollars, of which 28 billion dollars have been deposited by the rich Gulf countries.
These Gulf countries wanted to buy many of Egypt’s government assets, but they were not settled because the currency is constantly falling. The value of the Egyptian pound has halved in a year, the inflation rate has reached 26.5. The last days of last year. The IMF approved a loan of $3 billion to be disbursed in 46 months.