{"id":579164,"date":"2023-01-29T04:07:29","date_gmt":"2023-01-29T04:07:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties\/"},"modified":"2023-01-29T04:07:29","modified_gmt":"2023-01-29T04:07:29","slug":"industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties\/","title":{"rendered":"Industrial investors to get 6-month grace period from late delivery penalties"},"content":{"rendered":"

Gov\u2019t to give industrial investors some breathing room: <\/strong>The Madbouly cabinet approved giving the Industrial Development Authority (IDA) the power to cancel or discount penalties to industrial players that fail to deliver projects on time, it said in a statement<\/a> following its weekly meeting. Projects delayed on the back of the pandemic will be given an additional 4.5 months before being being hit with penalties, while a six-month grace period will be applied to those that miss deadlines due to current economic challenges. Meanwhile, companies working on larger projects exceeding 50k square meters will be able to deliver them in stages providing they complete them within five years of receiving the land.<\/p>\n

This is the latest in a list of measures designed to support the industrial sector<\/strong> in response to the economic crisis triggered by the war in Ukraine. The Madbouly cabinet announced in the wake of the latest currency devaluation earlier this month that it would continue offering subsidized loans<\/a> at a slightly higher 11% rate to support companies in the industrial and agriculture sectors. It has also recently made it easier<\/a> for firms to acquire on-stop golden licenses<\/a> for new industrial and infrastructure projects.<\/p>\n

Real estate players want similar treatment:<\/strong> Real estate developers recently called on the government<\/a> to extend their deadlines by up to 12 months and waive late delivery fines to help them weather the current bout of inflation and exchange rate volatility.<\/p>\n

Industry reps meet with Madbouly, Samir:<\/strong> Prime Minister Moustafa Madbouly and Trade and Industry Minister Ahmed Samir discusses industrial development last week with representatives of manufacturers, according to a cabinet statement<\/a>. The two sides discussed accelerating the payment of export subsidies and the rollout of the new subsidized loans initiative to replace a program previously funded and administered by the Central Bank of Egypt, the statement said.<\/p>\n

Samir talks localization with World Bank officials: <\/strong>Samir met with World Bank officials to discuss the ministry\u2019s efforts to localize industrial production and boost exports, especially to African countries, according to a ministry statement<\/a>. The government is aiming to increase exports to USD 100 bn a year by the middle of the decade, up from USD 43.9 bn in FY 2021-2022. The government has launched<\/a> a national initiative to help accelerate the localization of industrial production and lower the country\u2019s reliance on imported goods.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gov\u2019t to give industrial investors some breathing room: The Madbouly cabinet approved giving the Industrial Development Authority (IDA) the power to cancel or discount penalties to industrial players that fail to deliver projects on time, it said in a statement following its weekly meeting. Projects delayed on the back of the pandemic will be given […]<\/p>\n","protected":false},"author":1,"featured_media":579165,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7306],"tags":[282,104,72,7196],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-cabinet-watch","tag-economy","tag-enterpriseam","tag-industry","wpautop","entry"],"acf":{"mongo_id":"cb6ebdea-c519-40b1-b910-53f60ddce16d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/477.jpg","photo_position":"above","related_issue":[579151],"teaser":"","voice_url":""},"yoast_head":"\nIndustrial investors to get 6-month grace period from late delivery penalties - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrial investors to get 6-month grace period from late delivery penalties\" \/>\n<meta property=\"og:description\" content=\"Gov\u2019t to give industrial investors some breathing room: The Madbouly cabinet approved giving the Industrial Development Authority (IDA) the power to cancel or discount penalties to industrial players that fail to deliver projects on time, it said in a statement following its weekly meeting. Projects delayed on the back of the pandemic will be given […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-29T04:07:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/477.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Industrial investors to get 6-month grace period from late delivery penalties\",\"datePublished\":\"2023-01-29T04:07:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties\/\"},\"wordCount\":397,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/477.jpg?fit=%2C&ssl=1\",\"keywords\":[\"cabinet watch\",\"economy\",\"EnterpriseAM\",\"industry\"],\"articleSection\":[\"Cabinet watch\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/industrial-investors-to-get-6-month-grace-period-from-late-delivery-penalties\/\",\"name\":\"Industrial investors to get 6-month grace period from late delivery penalties - 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PLUS: Bosch subsidiary + Turkey\u2019s Beko get golden licenses","author":"enterpriseam admin","date":"30 March 2023","format":false,"excerpt":"Investors will pay a 10% down payment and get a two-year grace period","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/676.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581079,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/senate-committee-greenlights-bill-allowing-informal-industrial-projects-to-get-temp-licenses\/","url_meta":{"origin":579164,"position":3},"title":"Senate committee greenlights bill allowing informal industrial projects to get temp licenses","author":"enterpriseam admin","date":"6 February 2023","format":false,"excerpt":"Unlicensed industrial projects can soon temporarily go legit.","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/egyptindustries-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":653104,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/29\/industrial-development-authority-gives-investors-one-month-to-explain-project-delays-before-withdrawing-licenses\/","url_meta":{"origin":579164,"position":4},"title":"Industrial Development Authority gives investors one month to explain project delays before withdrawing licenses","author":"enterpriseam admin","date":"29 January 2017","format":false,"excerpt":"The Industrial Development Authority (IDA) is granting \u201cnon-serious\u201d investors a grace period of one month to explain why they have failed to launch the projects on the land allocated to them in industrial zones, before revoking the licenses and land from investors without valid explanations, according to Al Borsa. 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