Egyptians Abroad Investment Company could kick off operations this year

An update on the company set up to attract investment from Egyptian expats:The Egyptians Abroad Investment Company (EAIC) will likely kick off operations with this year and will initially target investments in the agriculture and trade, before expanding into renewable energy and green hydrogen, Emigration Minister Soha Gendy told Asharq Business. The company will have a capital of USD 1 bn, the regional outlet reported.

EAIC? The EAIC is one of several government initiatives aimed at encouraging Egyptians livingabroad to invest in the local economy and bring more hard currency into Egypt in response to the ongoing FX crisis. The Emigration Ministry set up the company last March with the aim of promoting investments to major expat investors as well as regular savers and signed up eight Egyptian businessmen living abroad to sit on the board.

The details: The ministry has tapped investment firm Zilla Capital to manage the EAIC’s assets,Gendy said. The Supreme Investment Council is considering granting the company tax breaks and non-tax related incentives, she added.

ICYMI: The government has launched several initiatives in recent months to find new sources of hard currency in response to the ongoing FX crisis. More attractive citizenship rules for foreigners, new tax incentives and land price reductions for foreign investors, and the car import scheme are all designed to stimulate new FX inflows.