Egypt will allow foreigners to own property with no limits, but according to certain rules, announced Prime Minister Mostafa Madbouly on Wednesday.
18.05.23 | Source: Ahram Online
In a press conference following the Cabinet’s weekly meeting in the New Administrative Capital, Madbouly reaffirmed the government’s commitment to implementing the recent decisions of the Supreme Council for Investment to attract more foreign investments to the country.
“Encouraging more foreign investments in the country will strengthen the economy,” Madbouly stressed.
The prime minister explained to reporters that the key purpose behind initiating the government’s initial public offering (IPO) programme is to tackle the current shortage of hard currency in the local market.
He added that the Egyptian pound is currently priced below its real value, adding that all recent monetary policy decisions by the government aim to address this imbalance.
Madbouly reaffirmed that Egypt has the capacity to repay all its external liabilities and to meet all its external obligations.
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