Ahram - The Egyptian General Authority for Investment and Free Zones (GAFI) announced on Monday the creation of a new single-approval system for projects to facilitate investments.

The GAFI has granted 20 of these new approvals, including four for green hydrogen projects, stated the authority's CEO Hossam Heiba in a press conference held to launch the new system on Monday.

The new single-approval system is issued within 20 days and covers licensing for construction, environmental requirements, civil defense, and other permits relevant to investment activities, according to Heiba. Heiba also announced issuing 20 new golden licenses thus far.

The Golden License allows investors to acquire or lease land and operate enterprises on it without requiring further government approvals. Furthermore, Heiba revealed that GAFI is set to launch the online platform for the establishment of companies soon.

He also announced creating a new fund to support the auto industry in Egypt, adding that the authority has signed three memorandums of understanding with global car manufactures to localize the auto industry. 

Heiba noted that Egypt seeks to double the production of auto supplementary industries with investments from countries including Japan and Tunisia.

Egypt has recently taken major steps to encourage investment and entrepreneurship, guaranteeing equal treatment between public and private sectors, supporting the investment climate, and developing legislation for startups.

The country is seeking to increase the share of the private sector in the economy to 65 percent, up from the current 30 percent, according to the State Ownership Policy Document.

Towards this end, the government is implementing a broad privatization program to offer 32 state-owned companies operating in 18 sectors to strategic investors within a year under an economic reform program with the International Monetary Fund.