CAIRO — Egyptian Prime Minister Mostafa Madbouly announced during a press conference May 15 that the government has granted the so-called golden license to several projects in a bid to attract foreign investments, as part of a series of initiatives to confront the prevailing economic crisis in Egypt.

“The golden license is granted once directly by the prime minister to some projects. These projects include green hydrogen, electric cars, infrastructure and seawater desalination and renewable energy projects,” Madbouly said.

The golden license is one of the many economic incentives announced by the Egyptian government in recent years to attract investments to Egypt. Under the Egyptian Investment Law No. 72 of 2017, the companies that obtain this license are granted a one-time approval to establish, operate and manage a specific project, as well as receive the needed licenses and building the necessary facilities, without the need for multiple approvals and procedures required by government agencies.

Article 20 of the Investment Law stipulates, “Under a decree issued by the Cabinet of Ministers, the companies incorporated to conduct strategic or national projects that contribute in attaining the development of the partnership projects between the private sector and the state, the public sector or the public business sector in the areas of public utilities and infrastructure, new or renewable energy, or the roads, transportation, or ports may be granted one approval for the establishment, operation and management of the project, including the building licenses and allocation of the real-estate properties required for the project. Such approval shall be effective without the need for any other procedures.”