The Illicit Gains Authority (IGA) is pursuing a strategy of reconciliation with criminalised elites from the former regime in order to recoup parts of Egypt’s lost wealth. Settlements are being concluded with high profile businessmen and politicians previously accused of embezzlement, bribery and tax evasion. While this policy aligns with the country’s pressing fiscal needs, investors should pay attention to the effects that political rehabilitation may have on the workings of the deep state under President Sisi.
- Failing economy and external loan deals are likely factors that are forming the backdrop to Egypt’s renewed push for lost funds.
- The Illicit Gains Law was recently amended in order to facilitate rapprochement with disgraced elites.
- The Executive push to eliminate corruption has been strong publically, but remains unconvincing on a federal level.