CAIRO - 18 April 2023: The Egyptian government has attracted $500 million from expatriates as part of an initiative allowing them to import cars for personal use free of customs duties and taxes in exchange for a deposit in foreign currency. In a statement on Saturday, Minister of Finance Mohamed Maait said 800 imported cars have been already released in Egypt. The minister shed light on the recent facilitations issued under the initiative, which include cutting customs tax by 70 percent. The government launched late last year the Egyptians Expats Cars app on both Android play store and iOS app store to allow the expats to apply for the initiative. The move came amid Egypt’s efforts to face the implications of the Russia-Ukraine war on its economy, including a drop in the country’s foreign currency reserves.
