Egypt has announced the granting of citizenship to foreigners who make a non-refundable investment of two and a half million dollars.
According to the official Al-Ahram newspaper, Prime Minister Mustafa Madabauli has decided that he will grant Egyptian citizenship to the applicants on 4 conditions.
Following are the 4 conditions announced by the Egyptian government.
Buy $300,000 in property 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.
These are new measures by Egypt to attract foreign investors.
It should be noted that Egypt currently has a severe shortage of dollars and is struggling with the worst inflation.
In 2018, parliament passed a law that made foreigners eligible for Egyptian citizenship in return for a deposit of $400,000 or 7 million Egyptian pounds.
But now the prime minister has stipulated that the deposit should be in dollars only because the dollar crisis is going on 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 those deals have not been finalized because the currency is constantly depreciating.
In one year, the value of the Egyptian pound has halved, the inflation rate has reached 26.5.
In the last days of last year, the IMF approved a loan of 3 billion dollars which was to be disbursed in 46 months.