Export subsidy haircut scheme extended into 2021
Export subsidy payout program carries forward to 2021: Exporters will be able to apply to receive back-due subsidy payments in a lump sum between 7-28 February, Finance Minister Mohamed Maait said yesterday. Companies who apply will receive payment either at the end of February, the end of April or the end of June, he said. The government last year allowed exporters to receive their subsidies in a single payment rather than installments spaced out over several years, provided they agree to take a 15% haircut. As of the end of December 2020, 1069 exporters made requests and received EGP 13.5 bn in subsidies, Maait said.
Other things we’re keeping an eye on this morning:
- Domestic and foreign players will be invited to participate in two rail tenders to construct and operate a line connecting Abu Tartour to Hurghada and a cargo rail extending from the dry port in Tenth of Ramadan City to the seaport in Damietta.
- Hassan Allam Holding and Emaar Developments have signed an agreement to develop the EGP 1.2 bn Address Beach Resort in the North Coast. Emaar is also developing a second hotel worth EGP 2.3 bn in the North Coast in partnership with Orascom.
- F&B outfit Juhayna has launched five, plant-based milk products.
- Investment bank Prime Holding will launch an equity and a fixed-income fund after obtaining a license from the Financial Regulatory Authority.
- Food exporters have reached an agreement with the supply and trade ministries to exempt frozen and canned fava beans from an export ban on beans and legumes due to expire in April.