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 Our clients range from individual investors and start-up companies to some of the world's largest multinational companies. With our offices and long established relationships with local counsels throughout the world, we are well positioned to serve our client's domestic and international needs.
Islam Kellany
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AMIGOS Advocates
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:: LETTER OF CREDITS The Central Bank of Egypt in March 1999 advised all banks operating in Egypt that L/Cs must be covered 100% in cash by the importer. This replaced the previous procedure whereby banks and their clients reached their own agreements and covered, usually, only 10-20% of the L/C's value. Banks may lower the cover for imports of capital goods and production inputs. In general, the exporter may not ship the goods before the Egyptian bank has notified the opening of a LC. If the goods are shipped before the LC is opened, the importer runs the risk of being fined up to a maximum of the value of the goods. As in other less developed countries, avoid putting up cash against documents and be aware that packaging and import description discrepancies can lead to payment default.
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