{"id":614230,"date":"2024-01-29T00:00:00","date_gmt":"2024-01-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/29\/this-evening-car-import-scheme-expected-to-reel-in-usd-2-bn-finmin-says\/"},"modified":"2024-01-29T00:00:00","modified_gmt":"2024-01-29T00:00:00","slug":"this-evening-car-import-scheme-expected-to-reel-in-usd-2-bn-finmin-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/29\/this-evening-car-import-scheme-expected-to-reel-in-usd-2-bn-finmin-says\/","title":{"rendered":"THIS EVENING: Car import scheme expected to reel in USD 2 bn, FinMin says"},"content":{"rendered":"

Good afternoon, friends and happy Monday. <\/strong>It\u2019s still a relatively slow news week so far, although there are early signs the newscycle is picking up. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

FX projections for the car import scheme rise to USD 2 bn: <\/strong>Registrations from the first two phases of the car-for-FX initiative<\/a> are now expected to bring in some USD 2 bn in light of strong demand in the second phase, according to a Finance Ministry statement<\/a>.<\/p>\n

ICYMI- <\/strong>The expat car imports scheme has been extended for another three months from today until Monday, 29 April, according to a cabinet decision issued yesterday. The initiative allows expats to receive full rebates in EGP equivalent on customs fees, VAT, and other taxes within five years of purchasing a vehicle, provided they pay them upfront in FX.<\/p>\n

INTERESTED?<\/strong> You can sign up for the initiative through the government\u2019s app on Google Play<\/a> and the App Store<\/a>.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

Iran seeking to distance itself from the drone attack on a US base in Jordan <\/strong>yesterday<\/a><\/strong> continues to dominate the international press<\/strong>. <\/strong>The White House says that Iran-backed militants killed three and wounded 25 US soldiers in the drone attack \u2014 but Iran\u2019s Foreign Ministry spokesman calls any accusations of their involvement \u201cbaseless,\u201d on account of the resistance groups not answering to the Islamic Republic. His comments come after Biden\u2019s threat of retaliation, while several Republicans accused him of leaving US soldiers as \u201csitting ducks\u201d waiting for attacks alongside rising oil prices in response to the attack. (Bloomberg<\/a> | Financial Times<\/a> | Reuters<\/a>)<\/p>\n

ON THE BUSINESS SIDE- <\/strong>China\u2019s capital and property markets took another hit when a Hong Kong court ordered the liquidation of China Evergrande Group, with more than USD 300 bn in liabilities, after they failed to restructure following offshore debt defaults and more than two years in court. But it won\u2019t be a smooth process considering the uncertainty of how Chinese courts will deal with a Hong Kong based ruling, and it taking up to a few years for the liquidator, Alvarez and Marsal<\/a>, to take over all subsidiaries in China which falls under different jurisdictions from Hong Kong. (Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

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