Wednesday, January 25, 2023
Books – Muhammad Ghayat:
The Council of Ministers approved, during its meeting today headed by Dr. Mostafa Madbouly, the general controls that allow the Public Authority for Industrial Development to either cancel or reduce delay fines, or apply a settlement mechanism, in the event that there are obstacles or difficulties outside the capabilities of the industrial developer or project executor, which may have affected the implementation schedule.
During the meeting, the facilities proposed by the Ministry of Commerce and Industry to be granted to industrial investors were reviewed, including calculating the timetable for the implementation of the project, so that it starts from the date of completion of the fencing works for the lands that have been allocated on the basis that they are attached and the fencing works have not been completed, in addition to compensating the investor for a period Equal to the stopping period if he encounters difficulties that impede the continuation of implementing the project for reasons beyond his control, in addition to granting all industrial projects, whose schedule coincided with the conditions of the Corona pandemic or the current economic conditions, a free grace period of 4 and a half months in relation to the Corona pandemic, and 6 months With regard to economic conditions.
The facilitations also included that the project be dealt with if the land area exceeds 50,000 square meters, so that the implementation will be in several stages, each stage of which has its own timetable, provided that the total period for implementing the project does not exceed 5 years from the date of receiving the land.
The Public Authority for Industrial Development grants all industrial projects; Whether within or outside the original deadline for the implementation of the project, which you apply for within a year from the date of this decision, a free period of six months; This is to help them complete the implementation of the project and obtain the operating license and the industrial register, while exempting them from 50% of the prescribed fines, in addition to the possibility of paying them in installments for a maximum of three years, in addition to the credit and discount rate announced by the Central Bank on the due date of the installment, with the possibility of deducting 75% of the fine. As soon as they are paid immediately, with the obligation of the recipient of these incentives to submit an acknowledgment of obtaining the operating license within a maximum of one year starting from the date of enjoying the prescribed incentives.