The site for the golden license, which was launched by President Abdel-Fattah El-Sisi in October, has a list of requirements, rules and regulations for prospective investors.

Two types of businesses are eligible for the license: those that contribute to sustainable development in line with the state’s economic development plan; and those that establish partnership between the private and public sectors – or between the private sector and any entity affiliated with the state. Examples of the latter include projects involving public utilities and infrastructure, renewable energy, roads and transportation, ports and communications, and information technology.

Although the cabinet initially said that applicants must either be Limited Liability Companies (LLCs) or joint-stock companies with starting capital of no less than 20 percent of the total project cost, it later cancelled this condition.

Companies are instead required to provide proof of financial liquidity, the cabinet said in a separate statement.

The adjustment was made after multiple prospective investors had complained about the difficulty in securing the initial capital, said Counsellor Mohamed Abdel-Wahab, CEO of the General Authority for Investment and Free Zones (GAFI), according to a statement by the Cabinet on Wednesday afternoon.

Eight out of 12 presented projects have been approved by a specialised committee and await approval from the Cabinet.

The launch of the golden license is part if the state's plan to exit from some economic sectors in the medium term with the aim of setting up a framework for regulating the relationship between the government and the private sector.