Egypt considers issuing silver licenses for startups before year-end

Egypt’s General Authority for Investment and Free Zones (GAFI) is planning to issue silver licenses for start-ups before the end of the year, which will help facilitate their business and activities.

GAFI will submit details of the new licences to the Cabinet of Egypt within two months for approval, chairman of the authority Hossam Heiba told Asharq Bloomberg on Sunday.

Earlier this year, Egypt had launched the golden licences, a fast-tracked, single-approval licensing window for a project. It may be granted to companies upon a decree of the Egyptian Cabinet.

Egypt expects to attract $12 billion in foreign direct investment (FDI) during the current fiscal year 2023-2024, Heiba added in a previous statement made last June in Saudi Arabia.