Instead of the dollar.. Chairman of the Investment Authority: Egypt allows investment in the Chinese yuan

Counselor Hossam Haiba, CEO of the General Authority for Investment and Free Zones, said that about 20 golden licenses have been issued for a number of different investment projects, which include construction licenses, civil protection and environmental approvals.

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

Haiba added that the projects that obtained the golden license include 4 in the green energy sector, the logisticsז sector, services, a project for the production of medical vaccines, wind energy generation, and the construction of hotels.

 The Chairman of the Investment Authority confirmed that there are facilities to attract foreign investments, including the issuance of the necessary licenses within 10 days of applying for obtaining them.

The investment commission concerned with approving investment projects

 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.

 Foreign investors

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

Heiba ​​pointed out that the Central Bank of Egypt law does not prevent the entry or exit of hard currency or dollars into or out of Egypt.

Foreign companies

 He added 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.

Sawiris and Investments

 On the other hand, Hossam Haiba, CEO of the Egyptian General Authority for Investment and Free Zones, said that businessman Samih Sawiris did not take his investments out of the Egyptian market and did not transfer them outside the country.

 The head of the Egyptian Investment Authority added that the problem of Samih Sawiris was talking about investing in another country and operating his money to ensure more gains for his money and operation, denying the recent exit of foreign companies from the Egyptian market.

He said that the Egyptian laws regarding investment do not differentiate between the foreign investor and the Egyptian, explaining that investment opportunities are available to everyone alike, indicating that the current plan has several axes, including work to improve the work environment, focus with national investors and work to promote investment in Egypt to attract foreign investment.