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Thursday, 21 November 2019

Galina-Agrofreeze to set up EGP 80 mn fruit concentrates factory

Galina-Agrofreeze is planning to invest EGP 80 mn in a new factory to produce fruit concentrates, Chairman Abdel Wahed Soliman tells Al Mal. No details were provided on the project’s timeline, location, or target markets, but Soliman said the company is planning to cover part of the cost through bank loans, and the remainder through export subsidies it is owed by the government. The company had requested EGP 7 mn in future tax breaks and EGP 10 mn in government-redeemable IOUs as part of settling some EGP 22.5 mn in overdue subsidies. The government recently began implementing its new export subsidy framework under which businesses will be given a 10% of the arrears “on the spot,” with the remainder coming through either tax breaks, industrial land discounts, or getting priority treatment in domestic manufacturing.

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