Alan B. Lloyd notes that Greek colonists settled Naukratis before the mid/late 7th century B.C.
Alan B. Lloyd, “The Late Period (664-332 BC),” in The Oxford History of Ancient Egypt, ed. Ian Shaw (Oxford: Oxford University Press, 2000), 374
Trade was also greatly encouraged. In our textual sources, Greek relations play a major role, although it would be as well to remember that most of the sources are themselves Greek. Within Egypt itself we hear of trading stations such as ‘The Wall of the Milesians’ and ‘Islands’ bearing such names as Ephesus, Chios, Lesbos, Cyprus, and Samos, but their precise relationship to the Crown or other Greek centres in the country is quite unclear for the earliest period. However, by far the best-documented trading centre is Naukratis, established on the Canopic branch of the Nile not far from the capital, Sais, and with excellent communications for internal and external trade. Although the city was founded by Milesians in the mid- or late-seventh century BC, members of other east Greek cities were also firmly established there, as well as traders from the island state of Aegina in the Saronic Gulf south of Athens. Excavation has revealed a series of sacred enclosures dedicated to Greek cults, a scarab factory producing material for export, and a typical Late Period honeycomb platform comparable to that at Tell Defenna, which may have been military in purpose but could equally well have had civilian, administrative functions.