By Enyichukwu Enemanna
Foreigners wishing to settle in Egypt as documented citizens will now have to deal with a lesser cumbersome process as the country has eased the conditions for granting its nationality.
Local media on Wednesday says the nationality of the country plagued by inflation and scarcity of foreign currency can now be obtained through investment, such as when depositing in an Egyptian bank or buying real estate in dollars.
This is in implementation of a law passed by parliament in 2018 and amended by the prime minister in 2019, paving way for citizenship through investment.
The new amendment reported on Wednesday by local media says foreigners can be granted an Egyptian passport if they buy a real estate property belonging to the State or a public company worth at least 300,000 dollars, against 500,000 dollars previously, or if they make a deposit in an Egyptian bank account of 500,000 dollars against the 750,000 required until now.
This decision by Prime Minister Mostafa al-Madbouly is the latest in a series of measures aimed at bolstering the state’s coffers by attracting foreign investment, as the country is being squeezed by its creditors while inflation continues to impoverish its 105 million inhabitants.
Egypt is going through one of the worst economic crises in its history. In one year, the Egyptian pound has lost half its value against the dollar, while the country’s foreign exchange reserves have melted away.
The war in Ukraine caused wheat prices to soar, which had a significant impact on Egypt, one of the world’s largest grain importers, and put pressure on its foreign exchange reserves.
Egypt obtained a new loan from the IMF in December, but the three billion dollars that will be paid out over about four years weighs little: the debt service alone for 2022-2023 amounts to 42 billion dollars.
The government in response, has been implementing an economic reform program since 2016 that includes phasing out subsidies on petroleum products.
