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Egypt announces new single-approval system to facilitate investment

The Egyptian General Authority for Investment and Free Zones (GAFI) announced on Monday the creation of a new single-approval system for projects.
08.08.23 | Source: Ahram Online

The GAFI has granted 20 of these new approvals, including four for green hydrogen projects, stated the authority's CEO Hossam Heiba in a press conference held to launch the new system on Monday.

The new single-approval system is issued within 20 days and covers licensing for construction, environmental requirements, civil defence, and other permits relevant to investment activities, according to Heiba.

Heiba also announced issuing 20 new golden licenses thus far.

The Golden Licence allows investors to acquire or lease land and operate enterprises on it without requiring further government approvals.

Furthermore, Heiba revealed that GAFI is set to launch the online platform for the establishment of companies soon.

He also announced creating a new fund to support the auto industry in Egypt, adding that the authority has signed three memorandums of understanding with global car manducates to localize the auto industry. 

Heiba noted that Egypt seeks to double the production of auto supplementary industries with investments from countries including Japan and Tunisia.