GAFI CEO: Activating the special incentives framework for achieving development in in areas most in need, increasing production rates and providing job opportunities.
Counselor Mohamed Abdel Wahab, GAFI CEO, has issued a Decree to establish a unit named " Special Incentives Unit in accordance with the provisions of Investment Law" in light of the issuance of the Decree No. 104 of 2022 by Dr. Mostafa Madbouly, Prime Minister, on the distribution of investment activities sub-sectors in the fields of (industry - tourism - communications and information technology - petroleum and natural resources – agriculture and animal, poultry and fish production - transportation) within the geographic territory of Sectors (A) and (B).
Counselor Abdel Wahab assured GAFI's keenness to activate the special incentives framework as it is directly related to achieving development in areas most in need, increasing production rates and providing job opportunities, as well as stimulating investments in the fields, activities, sectors and regions that serve the economic development. He explained that the special incentives framework is represented in granting investment projects that are set-up after Investment Law comes into force (50%) discount off the investment costs of Sector (A), and (30%) discount off the investment costs of Sector (B).
GAFI CEO Decree stipulates that a Special Incentives Unit shall be established in GAFI, and it will directly report to GAFI CEO. The Unit shall be concerned with: (i) receiving applications for enjoying special incentives in accordance with Article (11) of Investment Law No. (72) of 2017, and Article (10) of its Executive Regulations; (ii) assessing companies and establishments’ applications for enjoying special incentives and ensuring their seriousness and completion of the required documents; (iii) assuring the extent to which the conditions for its enjoyment of the special incentives stipulated in Investment Law are applicable; (iv) reviewing companies and establishments' status whose commencement date has already been determined to assess the applicability of enjoying such incentives.
Moreover, the Unit takes the necessary measures to issue a certificate of enjoying special incentives, follows up its work system, and proposes the necessary rules and procedures in preparation for the immediate implementation of such system. In addition, the unit creates an e-mail to receive requests submitted for services related to it, and it is committed to prepare a periodic report at the end of each month that includes a survey of the received requests, the taken measures, and the unit’s recommendations in this regard.
