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Wednesday, 13 November 2019

Egypt settles $39 mln dispute with Mercedes-Benz importer: Ministry

Reuters , Sunday 13 Jan 2019
File Photo: Mercedes-Benz (Photo: Reuters)
Views: 2986
Views: 2986

Egypt has settled a 700 million Egyptian pound ($39.2 million) dispute between its customs authority and an importer of Mercedes-Benz vehicles, the finance ministry said on Sunday.

The ministry did not name the company and said in a statement that a governmental committee tasked with resolving investment disputes ordered the settlement, without providing details.

The announcement came two days after an Egyptian cabinet statement said that Mercedes-Benz production chief Markus Schaefer had told Prime Minister Mostafa Madbouly that the carmaker was looking to resume operations in Egypt and is considering assembling additional models in the country.

Mercedes-Benz halted assembling its vehicles in Egypt in 2015, but in 2017 the company had agreed in principle to a resumption in production, state-run news outlet Al-Ahram said.

Egypt announced in 2017 that Mercedes-Benz would return to the country with a new 50,000 square metre distribution centre in the Suez Canal Economic Zone.

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