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The Egyptian House of Representatives has approved the presidential decree No. 218 of 2022 stipulating the amendment of customs tariff as per the international updates of the World Customs Organization’s system for 2022

Morning Talks
First, the Egyptian House of Representatives has approved the presidential decree No. 218 of 2022 stipulating the amendment of customs tariff as per the international updates of the World Customs Organization’s system for 2022, according to the Minister of Finance Mohamed Maait. Through these amendments, the government seeks to encourage the national industries, maximize local productivity, and localize advanced industries, which will pave the way for attracting further investments. As per the amendments, the import tariff has been cut for more than 150 items and production inputs, which will help achieve a balance between the imposed tax on the fully-finished goods, intermediate goods, and raw materials. (Al Mal)
  1. Moreover, the import tariff on the specialized labs’ machines in the field of tissue transplantation, cancerous tumors, vaccine research, and blood preservation has been reduced to only 5% from 60%, while the import tariff on white canes has been lowered to 10% from 40%.
    Meanwhile, the import duties on the machines and equipment used for collecting agricultural crops, straw, and fodder, along with the machines used for sorting eggs and fruits, have been cut to 2% from 5%, he said. The minister also pointed out that a customs duty of 2% of the required import tariff will be levied on the imports of the equipment used in setting up charging and filling stations of electric vehicles (EVs) and cars run by natural gas, as well as spare parts, batteries, electric engines, control units, and air conditioners (ACs). (Al Mal)

  2. Second, the World Bank Group has upgraded its forecast for Egypt’s gross domestic product (GDP) growth in fiscal year (FY) 2021/2022 by 0.6 percentage points to reach 6.1%, the June 2022 Global Economic Prospects report.
    The GDP growth is expected to be downgraded by 0.7 percentage points to hit 4.8% in FY 2022/2023, the report showed. The projected growth for FY 2022/2023 would be impacted by the increasing food and energy prices that slows income growth and raise input costs in key sectors, along with moderate tourism flows, the report added. Moreover, the World Bank highlighted that the economic growth in the North African country will be driven by the gas extractives sector that benefits from remittances from the Gulf states as well as the ongoing reform momentum. The report also indicated that food and fuel subsidies will contribute to the deterioration of the fiscal balance. (Reuters)

  3. The Egyptian government is expected to invest around 22.8 billion EGP in the telecommunication and information technology (IT) sector in fiscal year (FY) 2022/2023, with a growth rate of up to 22%, according to the Egyptian Minister of Communications and Information Technology Amr Talaat.
    The telecommunication and IT sector in Egypt has recorded an average growth rate of 16%, the highest growth for three consecutive years, Talaat noted. The ministry is keen on preparing a base of digital staff across the telecom and IT sector through a technical training strategy with EGP 1.1 billion in investment, under which around 200,000 people will be trained in the current FY, he added. (Arab Finance)

  4. Moreover, the minister pointed out that the total investments into startups amounted to 490 million USD in 2021, compared to 190 million USD in 2020.
    He also highlighted the efforts done by the government to support the IT infrastructure and extend the fiber-optic cables in the villages in the first phase of the Decent Life initiative with 5.8 billion EGP in investment. Furthermore, the minister stressed that Egypt tops Africa in terms of the average fixed broadband internet speed. On the global front, Talaat said that the total spending on IT across the world is projected to amount to 4.5 trillion USD by the end of 2022, with an expected growth rate of 5% compared to 2021. (Arab Finance)

  5. In the same line, Egypt will offer 40 billion USD in assets to the private sector over four years, representing $10 billion per year, the Egyptian Prime Minister.
    This announcement was made during Madbouly's meeting with a number of representatives from major global investment funds to highlight investment opportunities in the Egyptian market. The Egyptian Prime Minister confirmed that the government is adopting new policies to raise the private sector's contribution to the total investments in Egypt from 30% to 65% during the next three years. These policies are part of the country's efforts to record a growth rate between 6% and 7% during the upcoming five years. Madbouly added that the current fiscal year is expected to register a growth rate of more than 6%. (Arab Finance)

  6. The US Agency for International Development (USAID) has launched the Women’s Economic and Social Empowerment Program in Egypt with a grant worth 39 million USD, according to an official statement by the Egyptian Ministry of International Cooperation.
    The program has been launched in partnership with the Ministry of International Cooperation, Ministry of Social Solidarity, the National Council for Women, and the Central Bank of Egypt (CBE), along with several private institutions and research entities. Moreover, the program is set to be implemented during the period from 2022 to 2027 across the governorates of Assiut, El Beheira, El Minya, Cairo, Giza, Sohag, and Qena. (Arab Finance)

  7. ADVA, Egypt’s first online service installment platform, has launched premium programs that give customers access to funds of up to 1 million EGP.
    The programs serve around 85% of ADVA's target audience, offering them a wide range of services within healthcare, education, and finishing through installments. The business volume of ADVA at 100 million EGP in 2021, expecting it to be four times higher in 2022 than last year. ADVA plans to expand its portfolio through a new package of installment services that would cover wedding parties, car maintenance, insurance, and travel, with the aim to fulfill its customers’ needs. (Arab Finance)

  8. Plastic Bank Social Enterprise has signed a new partnership with Lorenz Snack World, Egypt to reduce plastic waste and prevent it from reaching seas and rivers.
    In collaboration with Plastic Bank, Lorenz Snack World, Egypt will prevent 20,000 kilograms of plastic waste from reaching seas and rivers in 2022 to enhance the living conditions of coastal communities. (Arab Finance)

  9. Odoo, a provider of all-in-one open-source business software for companies, has launched a new localisation software feature to support Egypt's new e-invoicing policy aiming to make all companies issue their invoices electronically.
    In line with the country's digital transformation, taxpayers, who have the Odoo ERP system, will register it on the ETA portal, configure Odoo, and start sending invoices to the governmental portal. Odoo has provided the automated and free-of-cost solution to many companies in Egypt to support the mandatory e-invoicing system in a seamless and effective way. (Mubasher)

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