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Egypt's parliament has passed a controversial law allowing foreigners to buy Egyptian nationality if they pay tens of thousands of dollars.

A parliamentary committee on Sunday approved the law that lets foreigners become Egyptian citizens after depositing at least $418,000 in a local bank and handing it over to the government after five years.

"The amendment aims to grant citizenship in exchange for investments, which will have a positive impact towards achieving economic development," lawmaker Kamal Amer was by local media.

Lawmakers passed a draft bill of the law last year, sparking anger from some MPs.

Opposition lawmaker Haitham al-Hariri accused authorities at the time of permitting the "sale" the Egyptian nationality in a bid bring quick money into the country.

The economy of the Arab world's most populous country has suffered from political instability and security threats since the 2011 uprising that ousted long-time leader Hosni Mubarak.

Egypt has been looking to boost its finances and draw back foreign investment through a series of tough austerity measures tied to an IMF loan programme.