On 9 November 2023, Law No. 178 of 2023 establishing the Egyptian Agency for Export and Investment Guarantee (the “Agency”) was issued (the “Law”). The Law, which entered into force on 10 November 2023, abolishes Law No. 21 of 1992, initially establishing the Export Credit Guarantee of Egypt (the “EGE”), subsequently replacing the EGE with the newly established Agency.
The establishment of the Agency represents a crucial step toward encouraging Egyptian exports and investment by offering modern and adequate services for Egyptian investors and exporters.
Transitional Period and Provisions
The Agency’s Goals and Duration
The Agency aims for:
Also, the Law determines the Agency’s duration to be 50 (fifty) years as of its entry into force, licensed capital, and shares value, specifying that the Agency is entirely owned by the CBE, which guarantees its financial obligations.
The Agency’s Powers and Competencies
The Law stipulates that the Agency, which takes the form of a Join-Stock Company, shall act as an independent institution aiming for profits and is entitled to have branches, agents, or reporters inside or outside the country.
Therefore, the Agency is empowered to undertake all procedures to achieve its goals, some of which include the following:
Tax and Fees Exemptions
Finally, the guarantee and re-guarantee services provided by the Agency are exempted from stamp tax, value-added tax, and all other taxes and fees.
We are delighted to share our recognition at the LegalCommunity MENA Awards 2023 in collaboration with ACC Middle East and North Africa.
ADSERO received the following awards:
- Law Firm of The Year Litigation
- Lawyer of the Year Labour - Alia Monieb, Partner
A heartfelt thank you to our clients for providing positive feedback.
Congratulations to all those ranked and nominated in this year’s awards.