Cairo: In an effort to draw in more foreign investment, Egypt will lift restrictions on foreign ownership of real estate.

In a news conference on Wednesday, Prime Minister Mostafa Madbouly announced that the government would lift restrictions that limit foreigners to owning no more than two properties, both of which must currently be located in different cities.

In response to complaints about processing delays at the Supreme Council for Investments, he added that the state would work to expedite land registration for investors.

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Madbouly added that the council wanted to boost private sector investments to match or exceed those made by the government. The goal is for the private sector to make up 60% to 65% of the economy after three years.

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The total amount of private and public investments planned for 2023–2024, according to the prime minister, was approximately 1.64 trillion Egyptian pounds. Comparatively, from 2005 to 26 there were roughly 115.7 billion Egyptian pounds ($3.74 billion).

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According to Madbouly, foreign and domestic investment will help to lower inflation and relieve pressure on commodity prices.