Ahmed Farahat

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Automotive strategy does not violate partnership agreement: government source

A government source said that the Automotive Development Strategy Directives bill that is now being discussed in parliament will not impact the Egyptian-European partnership agreement, which is expected to make all imports of European cars customs-exempted by 2019. The source added that the text of the draft law imposes an additional tax on imported cars …

Ahmed Farahat

AFREXIMBANK plans to increase its capital to $400m during 2017

The African Export–Import Bank (AFREXIMBANK) aims to increase its capital by $300-400m in 2017. The bank’s Manager, Banking Operations, Heba Aboul Ezz, noted that the bank’s capital was at $1.63bn in December 2016. She said that Egypt is a key partner in the bank, along with Egyptian banks, including the National Bank of Egypt, Banque …

Ahmed Farahat

Alexandria, Damietta, Red Sea ports pay EGP 439m in taxes

A number of public sector companies and bodies affiliated to the state paid more than EGP 951m in taxes for fiscal year (FY) 2015/2016. The companies submitted their tax declaration during the past period after the end of the specified time, ending on 31 April of each year, based on the fact that their fiscal …

Ahmed Farahat

Prime Minister Ibrahim Mehleb

Mahlab calls on French companies to invest in Egypt

  Ibrahim Mahlab, the president’s assistant for national projects and former acting prime minister, called on French investors to invest in Egypt on Monday. Mahlab held a speech during a conference organised by the French-language newspaper Al-Ahram Hebdo, in which he said the government has taken a number of steps aimed at reforming Egypt’s business …

Ahmed Farahat

Customs on imported cars increase by 66% after flotation

Customs charges on imported cars increased by 66% on Friday following the flotation of the Egyptian pound. This decision was made on Thursday when customs recorded a 52% increase calculated according to the price of the US dollar against the Egyptian pound in the free market, which will be reviewed on a daily basis. The …

Ahmed Farahat