Ministers greenlight further investment facilities: The cabinet yesterday approveda recentdecision by the Interior Ministry to amend the Investment Act regulations to allow foreign investors to acquire year-long non-touristic residencies when proposing investment plans to the General Authority for Freezones and Investment (GAFI). The residency can then be renewed for six-month or year-long periods depending on how long it takes to establish the business.

Opening up local bank accounts is also getting easier: The amendments will also allow foreign investors to open accounts at local banks while they’re in the process of establishing a new business.

It’s getting easier to pay for industrial licenses:Trade and Industry Minister Ahmed Samir yesterday issued a decision allowing industrial investors to pay for licenses every three or five years, instead of annually, the Industrial Development Authority said yesterday. Owners of high-risk factories will be able to pay every three years and operators of low-risk factories can pay every five years.

Part of a bigger plan: Both moves are part of a series of measures taken by the government last month aimed at boosting foreign investment. The 22 changes encompass bureaucratic reforms aimed at speeding up licensing and improving the transparency of state firms, new financial incentives for certain industries, and legal reforms to improve contract enforceability.

ALSO FROM THE CABINET-

Getting El Enany to Unesco: The cabinet decided to form a group, headed by a representative from the Foreign Ministry, to help former tourism minister Khaled El Enany become Unesco’s next director-general. Prime Minister Moustafa Madbouly nominated El Enany for the position in April. If successful, he would head the organization for a four-year term starting from 2025.

Skoda will carry out train maintenance: Cabinet approved a request from the Egyptian Railway Authority to haveCzech car manufacturer Skoda renovate and maintain Henschel and Adtranz locomotives for a 15-year period as well as help localize the production of spare parts.

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