Cairo slapping dollar.. What does investment in Chinese yuan mean in Egypt?

The Egyptian state is working hard to support and enhance the investment climate and attract direct and indirect local and foreign investments. The government has taken a number of incentive measures that would overcome obstacles facing investors.

Instead of a dollar

 Thanks to these facilities, the investment climate in Egypt is witnessing a great demand by the Arab and foreign investor, as a result of many legislative and institutional reforms with the aim of facilitating and simplifying procedures for investors, which contributed to achieving positive results in the field of establishing companies in terms of time, cost and the number of procedures necessary to start the activity.  As a result of these reforms, Egypt succeeded in making a big leap towards investment.

Foreign investors 

The head of the Investment Authority, Hossam Haiba, called on foreign investors who want to start their projects in Egypt to obtain a single approval to start their investment projects in Egypt.

 The Chairman of the Investment Authority explained that the Authority is concerned with following up and issuing a single approval for investment projects, in contrast to the golden approval that requires the approval of the Prime Ministry.

 He pointed out that the authority is preparing incentives for agricultural projects, which are currently being discussed with the concerned government agencies.

Chinese yuan

 He said that foreign investors are interested in clarifying the tax vision and incentives offered by Egypt, and we are already making that clear to investors.

 He stated that investors are interested in the banking sector in Egypt and its strength, and look at the possibility of extracting profits if projects are opened in Egypt.

 Prestige added that the Central Bank of Egypt law does not prevent the entry or exit of hard currency or dollars into or out of Egypt.

He pointed out that the Central Bank Law allows foreign companies and institutions to invest in Egypt in foreign currencies other than the dollar, and there are Chinese companies that pump investments in the Chinese yuan in Egypt, and Egypt allows investment in the Chinese yuan or the currencies of other countries.

 He pointed out that the Investment Authority addresses companies that want to invest in foreign currencies other than the dollar, with the need to provide a financial share in dollars in order to face emergency crises or pay dues to other foreign parties.

Serious steps

 It is worth noting that the Egyptian state has been able to take serious steps to attract foreign direct investment, by adopting flexible strategies that take advantage of the elements and opportunities available to provide an attractive and stimulating environment for investment.

In addition to facilitating and simplifying procedures for investors and overcoming many obstacles through legislative and institutional reforms, in addition to establishing the necessary infrastructure, which found its echo in strengthening Egypt's position and position as an attractive investment destination at the African and Arab levels, and improving the view of international institutions of Egypt's efforts in the investment file.