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Volkswagen needs new LCs to continue operations in Egypt

Volkswagen needs new LCs to continue operations in Egypt

Arab Finance: Volkswagen needs to open new letters of credit (LCs) to secure spare parts to continue operations in Egypt, Al-Mal News reported on September 26th, citing Medhat Ismail, Sales and Marketing Director at Egyptian Automotive and Trading, the agent of Volkswagen and Audi brands in Egypt.

The stock of spare parts at Volkswagen’s Egyptian agent is sufficient to support the operations of the service center for up to three months, Ismail added.

Ismail stressed that the company is facing difficulties related to customs release and imports due to a shortage of financing required to pay dues to global partners.

He noted that the facilitation of imports is necessary, as import transaction takes around three months.

Ismail said that a limited number of Volkswagen cars were released from ports in the few past days and will be delivered to customers with preorders.

The top executive added that large numbers of the brand’s cars are stuck at ports as the banking sector prioritizes securing foreign currency for importing strategic commodities and essential goods other than cars.

 

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