GAFI head announces fresh incentives for projects

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Thu, 09 Apr 2020 - 04:45 GMT

FILE: Cabinet’s meeting on Monday April 8, 2019

FILE: Cabinet’s meeting on Monday April 8, 2019

CAIRO 9 April 2020: General Authority for Investment and Free Zones (GAFI) Executive Director Mohamed Abd el Wahab Thursday issued a set of facilitation and incentive measures for projects running in all investment and free zones across Egypt, as a part of the state's plans to mitigate the impact of coronavirus pandemic on the economy.

Under the new measures, the GAFI projects will be allowed to sell up to 50 percent of their products at the local markets for six months, except for a list of previously banned products, according a statement issued by the Cabinet media center.

Also, GAFI industrial projects will be authorized to sell up to 20 percent of their stocked materials, production requirements and accessories to the domestic market during a period of six months, the statement added.

The measures encompass extending to six months the grace period granted for GAFI projects to beef up their financial guarantees and renew their insurance policies.

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