Source: Egypt Independent
By Ora Noureldin
The new bill to amend the Nationality Law, recently approved by the parliamentary National Defense and Security Committee, which would give investors the right to apply for citizenship after living and investing in Egypt for five years, has triggered sharp divisions between the MPs and the public — with speculation over whether Egypt is completely out of solutions for its economic crisis.
The bill, submitted by the Cabinet last year, left many arguing that this move would encourage investments and can help in recovering Egypt’s financial woes, while others maintain that the country’s national security would be at stake.
The bill approved by the National Defense and Security Committee would grant Egyptian nationality to foreigners who deposit $500,000 in foreign currencyin an Egyptian bank.