On the sidelines of the annual meeting of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, from October 14 to October 16, Egypt’s Minister of Finance, Mohamed Maait, noted that a total of USD 2.5 billion (EGP 49 billion) is anticipated to flow into Egypt’s economy as a result of the expat customs-free car import initiative. The initiative allows Egyptians living abroad to have one personal-use vehicle shipped to Egypt without having to pay customs duties or taxes of any kind, including value-added tax (VAT). These exemptions will only last for four months once the draft law is approved by the parliament. The minister expects more than 500,000 cars to be imported into Egypt, given the total number of Egyptians living abroad. According to governmental figures, there are upwards of 14 million expats, many of which have shown an interest in the initiative. Cairo hopes the initiative will increase foreign currency reserves, as Egypt’s foreign currency reserves fell to a record lows this year, reaching USD 33.14 billion (EGP 651 billion) at the end of July 2022, compared to USD 44.5 billion (EGP 874 billion)…
Egypt Anticipates USD 2.5 Billion of Foreign Inflows from Expat Customs-Free Car Import Initiative
October 17, 2022
