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Tuesday, 28 June 2022

Penalties on farmers meant to boost the local harvest might get tweaked

The government has formed a committee to reconsider some of the penalties it imposed this harvest season on wheat farmers who fail to sell the required grain quotas to the state, Al Borsa reports, citing comments by Supply Minister Ali El Moselhy on the sidelines of his big presser on wheat earlier this week. The state is reportedly finding it hard to impose some of the penalties — including money fines and withholding fertilizer subsidies for next year’s crop from those who don’t provide the required amount of wheat — due to confusion over whether landowners or their tenant farmers should be penalized, and land changing ownership, unnamed sources told Al Borsa.

Other things we’re keeping an eye on this morning:

  • Honeywell will use its tech to automate systems at the Anchor Benitoite petrochemicals complex in the Suez Canal Economic Zone, under an MoU it signed with Anchorage Investments. (Press release, pdf)
  • EFG Hermes’ buy-now-pay-later platform valU has partnered with real estate developer Arab Developers Holding to provide residents with home improvement and maintenance finance. (Statement, pdf)
  • The National Bank of Egypt is opening its first branch in Juba, South Sudan today. (Statement)

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