Expat Car Import Program Payment Orders Reach USD 2 Billion

According to a statement by the State Minister of Emigration, Soha Gendy, a program that allows Egyptian expats to import vehicles in exchange for making foreign currency deposits has generated USD 2 billion in revenues. Initial projections predicted that this initiative would bring in around USD 1.1 billion in revenues. However, at the program’s close in April, it exceeded these expectations.

In this initiative Egyptians living abroad were able to bring their cars into Egypt without paying any customs. In exchange, those participating in the program deposited the amount of foreign currency they would have paid in import fees into a five-year certificate of deposit. After five years, they will be able to withdraw their money in Egyptian pounds.

This initiative was conceptualised in a response not only to Egypt’s foreign currency shortage, but also to calls from Egyptian expatriates who wanted to bring their cars in from abroad. This program proved to be very popular, drawing 589,724 participants and leading the government to extend the program several times.