CAIRO — In an interview with Al-Monitor, Kamal Amer, the head of the Egyptian parliament's National Defense and Security Committee, said that the introduction of a system granting residency to foreigners in return for bank deposits in hard currency “is in line with the Egyptian national security regulations.” This system was introduced earlier this month through amendments to the law on the entry, residency and exit of foreigners and the Egyptian Nationality Law.

Amer stressed that any person or foreign national posing a threat to Egyptian national security will not be allowed to enter the country.

Under the residence-for-deposits law, foreigners apply for residency permits in return for depositing money in Egyptian banks in foreign currency. After five years of residency in Egypt, they can apply for citizenship.

Commenting on the maritime border demarcation agreement under which Egypt ceded the Red Sea islands of Tiran and Sanafir to Saudi Arabia, he said that not an inch will be taken unduly or ceded unrightly by Egypt, and explained that President Abdel Fattah al-Sisi is being very clear in this regard.