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  • Doaa Hamdy

The decisions of the Investment Authority and Free Zones to reduce the repercussions of the Corona



According to the directives of President Abdel Fattah El-Sisi, and to complement the efforts of the state to contain the crisis of the Corona virus and its economic impacts on various sectors, a package of decisions has been issued by the General Authority for Investment and Free Zones, which would assist the sectors affected by the emerging Corona virus, as follows: Allow free zone projects to sell in the local market at 50% of their products for a period of six months (excepted from the prohibited areas) - Allowing industrial projects in the free zones to sell their stocks (raw materials for production and accessories) to the local market by 20% with the approval of the president of the region and more than that with the approval of the head of the free zones sector for a period of six months. Extending the demand for free zones projects to raise financial guarantees (in all cases) for a period of six months. - Giving the Free Zones projects a six-month period to renew their insurance policies on their assets, provided that the legal representative of the project provides a pledge that he will bear all civil and criminal responsibilities for the consequences that may result. Extending the deadline for submitting the financial statements for the free zone projects for an additional three months from the dates set for them, while allowing companies during that period to provide an initial copy of these lists by any means until they are approved by the auditor. - The management of the free zones takes all measures that guarantee the conduct of project works to enter and exit devices, machines and equipment and all that it takes to conduct the activity over a 24-hour period. - Extending the expired deadlines granted to the Free Zones projects, for which the duration of licenses to practice activity (issued - incoming) has expired, provided that an application is submitted to renew the license period. - Allowing industrial projects in the free zones to perform operations for others (totally-partially) from the free zones and the local market without restriction, provided that production begins for itself first stipulated in the general principles in force for a period of six months. The free zone administrations present their boards of directors to agree not to double the works within a period of 6 months. All of this came within the framework of the country's efforts to mitigate all sectors economically affected by the emerging corona virus. Release: Doaa Hamd

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