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Friday, 29 May 2020

Egypt's GAFI launches 6-month catalyst package for free zones projects

The move is to help Egyptian investment projects amid the impacts of the coronavirus pandemic

Doaa A.Moneim , Thursday 9 Apr 2020
Egypt
General Authority for investment and Free Zones (Photo: Ahram)
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Executive chairman of the General Authority of Investment and Free Zones (GAFI) Mohamed Abelwahab issued Thursday a decree on a package of catalyst procedures for projects located in free zones, to help them sell products in the domestic market as a part of state efforts to counter the impacts of the global COVID-19 pandemic.

According to the decree, free zones projects are allowed to sell 50 percent of their products in the domestic market over six months. The decree also allows industrial projects to sell their stocks, including materials, production supplies and accessories, to the domestic market at a level of 20 percent over six months on condition of being accredited by the head of the free zone. If the selling percentage exceeds 20 percent the project owner will have to gain the acceptance of the free zones sector’s head.

The decree also extends the free zones projects’ claim period for raising financial insurances for six months, giving them a six-month time limit to renew insurance policies.

The decree extends as well the limit time of submitting projects’ financial statements, for an additional three months, allowing enterprises to submit an initial copy of those statements within the three months’ time limit.

It also provides for procedures that ease the projects' work, including entering and exiting of equipment, machines, and all required supplies, in addition to renewing expired project time limits for six months to reconcile their positions.

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