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Credit Contracts:

The customer will be required to pay up to 30% down-payment of the total agreement cost and the balance must be settled within a period of up to 24 months with a competitive interest rate. The transfer of title in to the customer's name will take place once full payment is received.

Capital Lease:

Mantrac is one of the leading companies in Egypt to provide capital lease in accordance to law no. 16/2001.

Under this scheme Mantrac will finance the sale of capital equipment (for mega projects or other private projects) by leasing CAT equipment up to a period of 24 months while reserving the customer's right to own the equipment at the end of the contract.

The law governing lease financing grants offers tax benefits to the customer such as exempting the installments from corporate tax.

The United States Agency for International Development (USAID):

USAID's Private Sector Commodity Import Program (PRCIP) presently provides USD 200 million per year to Egyptian private sector business, accessible through twenty participating Egyptian banks, for short and medium terms for the financing of commodities through the CIP (Commodity Import Program).

The Private Sector Commodity Import Program

One of the U.S. Government's economic assistance activities in Egypt is the Private Sector Commodity Import Program (PRCIP) implemented through participating Egyptian Commercial Banks. This program provides U.S. Dollars at fixed exchange rates, and short to medium credit terms with an interest free grace period, to Egyptian private sector firms to finance the importation of U.S. manufactured commodities from the United States. All payments made by the importer are in Egyptian pounds.

Individual Egyptian entrepreneurs and private sector firms are eligible to participate, whether they are importing for resale (traders) or for their own use (end users). Companies which are established in a free trade zone or which have public sector ownership exceeding 40% are excluded from the program.

Eligible Private Sector Companies

Importers must have commercial or industrial registry and a taxation card (unless legally exempted) with the latter to suffice in the case of the private entrepreneur working in non-commercial or industrial fields (unless legally exempted).

Credit terms offered under the program

	Trader	Trader Importing Environmental Equipment	End user	End user Increasing his Exports by at Least 10%	End user Located in Upper Egypt	End user Importing Environmental Equipment
Maximum interest (free grace period)
For non-capital equipment	6Mnths	6Mnths	9Mnths	12Mnths	12Mnths	12Mnths
For capital equipment	9Mnths	12Mnths	18Mnths	24Mnths	24Mnths	36Mnths
Maximum repayment period (after the interest free grace period)
For non-capital equipment	6Mnths	6Mnths	18Mnths	18Mnths	18Mnths	18Mnths
For capital equipment	6Mnths	6Mnths	8Mnths	8Mnths	8Mnths	8Mnths
Note: Above mentioned terms are for guidance and subject for agreement.

Annual Limits for Individual Importer

The minimum transaction size for both capital equipment and non-capital equipment is $10,000

The maximum use of the program per importer during a calendar year is as follows:

1)	Trader	$5 million
2)	End user importing non-capital equipment	$4 million
3)	End user importing capital equipment	$8 million

The United States Agency for International Development (USAID) acts only as a financier of import transactions. Neither USAID nor the Government of Egypt has any responsibility for the performance of a supplier or for the quality, suitability or reliability of a supplier's products.
In the event of a violation of any of the rules or applicable USAID regulations, the importer will face problems with the USAID.
Being a trader of American goods, Mantrac benefits from an ongoing relationship with USAID credit limit of up to USD 5 million.
NB: As for USAID finance, please be informed that this program is now ending and will be finished completely by ending of 2006 or beginning of 2007.

Note: Above mentioned terms are for guidance and subject for agreement.

Contact Information:

Cairo Credit Manager
Cairo Tel.: +20 2 303-9640

Alexandria Credit Manager
Alexandria Tel.: +20 3 448-1043

For more information please contact Mantrac's Finance Division.