RSM Egypt

Temporary License Granted To Businesses Operating in Free Zones

On April 22, 2020 a statement was issued by the Chairman of the Investment Authority to facilitate operative procedures for new projects developed to work in investment areas for medical supplies and food commodities projects.

Counselor Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones (GAFI), issued a new decision that included a sum of facilitative measures related to issuing approvals for new projects developed to work in investment areas, especially companies operating in the field of manufacturing medical supplies, pharmaceutical industries and food commodities, within the framework of the state's comprehensive plan to confront the potential consequences caused by the coronavirus.

The statement issues that over the next six months, the board of directors of GAFI shall take the necessary measures to issue approvals for the development of new projects working within investment zones or amend/extend the activity of existing projects, especially for the manufacturing of medical supplies, pharmaceuticals and food commodities. Furthermore, new and existing projects developed to work in investment areas will be granted a license to temporarily operate for a period of six months without adhering to the regulatory procedures, provided that companies issued evidence of the installation of their production lines. 

As for insurance payments and deadlines for investors to submit letters of guarantee reserving units within the investment zones, GAFI has extended a three-month relief period, renewable for another period after submitted to the authority’s board of directors.

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