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Oriental Weavers says government launched burden-refund programme for exports

Oriental Weavers says government launched burden-refund programme for exports

ArabFinanceOriental Weavers Carpets (ORWE) announced that the Egyptian government has launched a burden-refund programme for exports that is being implemented as of July 1st, 2020 until June 30th, 2023, according to a press release.

Accordingly, average export subsidies to Oriental Weavers stood at 7.5% during the first stage of the programme, while it reached 11% in the second stage.

The new programme is one of the best witnessed by the company to encourage exportation since 2002.

Regarding to exports that took place during the period starting July 1st, 2019 until June 30th, 2020, the old programme will be applied with 70% in cash and 30% infrastructure; these rates are subject to a 15% immediate payment discount.

Founded in 1979 and listed on EGX in 1997, Oriental Weavers has emerged as a producer of machine-woven carpets and rugs for the residential, commercial, and hospitality industries. It also offers various lines of area rugs as well as manufactures woven goblins and tapestries.

 

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