Egypt settles $39m dispute

Egypt has settled a 700 million Egyptian pound ($39.2 million) dispute between its customs authority and an importer of Mercedes-Benz vehicles, the finance ministry said on Sunday.

The ministry did not name the company and said in a statement that a governmental committee tasked with resolving investment disputes ordered the settlement, details.

The announcement came two days after an Egyptian cabinet statement said that Mercedes-Benz production chief Markus Schaefer had told Prime Minister Mostafa Madbouly that the carmaker was looking to resume operations in Egypt and is considering assembling additional models in the country. (RTRS)

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