Arab Finance: Egypt’s House of Representatives has preliminary approved some amendments to the Egyptian Nationality Law that would make it easier for foreigners to obtain citizenship, Ahram Gate reported.

On March 8^th, Egypt decided to grant its citizenship to foreigners who buy a property owned by the government or juridical persons for at least $300,000, and those who deposit an amount of $500,000 refundable after 3 years in Egyptian currency.

The state also decided back then to grant citizenship to foreigners who participated or established an investment project for a minimum of $350,000, whilst depositing an amount of $100,000 as direct revenue in the foreign currency, which is transferred to the state’s public treasury and not refundable.

Moreover, Egyptian parliament also approved an agreement with the South Korean Export-Import Bank and Credit Agricole – South Korea for the supply of 32 trains for the third and fourth phases of Cairo metro Line 3, according to Ahram Gate.

The parliament also thumbed up a loan agreement worth JPY 41 billion ($310 million) from the Japanese International Corporation Agency (JICA) to fund the construction of the first phase of the fourth line of Cairo Metro.

A $19 million USAID grant agreement to improve economic governance was also approved by the Parliament, in addition to giving the greenlight to a trade and investment grant from USAID to promote textile and apparel exports to the US through industrial zones.

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