Quick hits
What moved, in brief.
The Senate extended AGOA to 2028 inside a stopgap the House has not passed
The US Senate passed H.R. 6500 by 90 votes to 6 on August 8, 2026, extending the African Growth and Opportunity Act through December 31, 2028, after the Senate Appropriations Committee used the bill as the vehicle for a continuing resolution funding federal agencies through December 11. The House approved that same 2028 expiry on January 12, 2026 by 340 votes to 54 and has to vote again in September, because the text coming back is not the one it sent. The Congressional Budget Office scored the three-year extension at $578 million in forgone revenue over a decade, including $73 million in refunds of duties collected while the program was lapsed.
Africa's duty-free access to the U.S. now rides on a spending billIndia and SACU signed terms of reference for a preferential trade agreement
India's Ministry of Commerce and Industry and the Southern African Customs Union signed the terms of reference in New Delhi on August 12, 2026, opening negotiations across eight areas including rules of origin, customs procedures, trade remedies, sanitary and phytosanitary measures, and dispute settlement. International Trade Centre data puts trade between India and SACU's five members, South Africa, Botswana, Eswatini, Lesotho and Namibia, at $16 billion in 2025. Terms of reference are not an agreement, and they are the point at which an export agency in Gaborone or Maseru can start asking which of its tariff lines will sit on the request list.
India, Southern Africa Open Trade Talks With $16 Billion at StakeAfrica Finance Corporation raised CHF 350 million in Swiss francs at 1.4925%
The corporation priced a five-year digital bond on August 12, 2026 under its $5 billion global medium-term note program, listed, traded and settled on SIX's SDX platform, with Commerzbank as technical lead and Deutsche Bank as arranger. About 90% of demand came from Swiss domestic investors and 10% from international accounts. A 1.4925% coupon is a funding cost African infrastructure pipelines rarely see quoted, and the investor split names the pool that supplied it.
Africa Finance Corporation (AFC) Raises Landmark CHF 350 Million Digital Bond, Becoming First African Issuer and Largest International Issuer in the Swiss MarketEgypt contracted wind power at $24 per MWh for 20 years
Ecofin Agency reported on August 14, 2026 that the Egyptian Electricity Transmission Company will buy power from Voltalia's planned 869 MW wind project at $24 per MWh under a 20-year agreement, on a build the Egyptian cabinet approved in June 2026 at an estimated $800 million, with commercial operation scheduled for 2028. Egypt is targeting renewables at 45% of generation by 2028. The contracted price, not the capacity, is the figure an industrial site officer can put in front of an energy-intensive investor.
Egypt Secures Wind Power at $24/MWh in 20-Year Voltalia DealIndia's central bank would move FDI policy out of the FEMA rules, with comments closing August 31
The Reserve Bank of India released draft Foreign Exchange Management (Foreign Investment) Rules, 2026 on July 21, 2026 to replace the Non-Debt Instruments Rules, 2019, and invited comments until August 31, 2026. The draft leaves sectoral caps and prohibited sectors as they are, and moves the government's foreign investment policy into a separate annexure, so entry routes and sector conditions could be changed without amending the FEMA rules themselves. Anyone quoting an India cap in a pitch deck should note where that cap will live after notification.
RBI Releases Draft FEMA (Foreign Investment) Rules, 2026 to Replace NDI Rules, 2019Covered employers pay at each extension now, and the test that catches them is a workforce ratio
DHS adopted this same interpretation in 2020 and a court enjoined the rule before it took effect, which is the only reason the fee has not applied to same-employer extensions for the last six years.
The US Department of Homeland Security published a final rule on August 10, 2026 requiring covered employers to pay the 9-11 Response and Biometric Entry-Exit Fee on every extension of status petition, including an extension the same employer files for the same worker in the same job. The rule sits at 91 FR 51360 and takes effect on September 9, 2026. The fee is $4,000 on an H-1B petition and $4,500 on an L-1 petition, and the statute puts it on the employer. DHS rejected comments asking that workers be allowed to pay it, writing that "the statutes and existing regulations specify that the fee is required to be paid by the employer."
Which employers are covered is set by a ratio rather than a size. Under section 402 of Public Law 114-113, a covered employer is one with 50 or more employees in the United States where more than half of those US employees hold H-1B, L-1A or L-1B status. A 60-person engineering office staffed largely on transfers is covered. A 30,000-person manufacturer sponsoring 200 specialists is not. Agencies that segment investor portfolios by headcount or by capital expenditure will not find this population in their own files without recutting the list.
The change is in the frequency, not the price. Under the interpretation DHS adopted in the 2016 Fee Rule at 81 FR 73292, the charge attached when a worker first entered the classification or moved to a new employer, and an extension filed by the same employer for the same person was exempt. From September 9 it attaches at each extension, which turns a one-time cost of entry into a recurring cost of holding a role on US soil across a worker's stay. DHS put the share of covered employers' H-1B petitions that carried the fee between fiscal year 2018 and fiscal year 2025 at 27%, and said that under the new reading the share would have been 75%.
The reason for the rulemaking is a collections line. The Congressional Budget Office estimated in December 2015 that the fee would raise about $420 million a year. DHS records actual receipts of $158 million in fiscal 2016, falling to $25.6 million in fiscal 2025. Half of what is collected, up to $1 billion, goes to the 9-11 Response and Biometric Exit Account, which funds the Traveler Verification Service that Customs and Border Protection uses for facial comparison at air, land and sea ports. The fee itself is currently set to expire on September 30, 2027, so the recurring charge has a statutory end date roughly 13 months after it starts.
The strongest objection is the one DHS made itself, and it is not weak. Responding to commenters who said the rule would push skilled work out of the country, the department wrote that H-1B demand has exceeded the statutory cap for more than a decade and that for L-1, which has no cap, the fee "is minimal compared to other costs associated with the hiring of an L-1 employee (relocation, wages, other existing fees)." For one hire that is right. For a firm renewing several hundred transfers on a three-year cycle it is a line item that did not exist in the last budget, and the firms it lands on are by definition the ones with the least ability to substitute domestic staff. The uncapped L-1 category is the clean test, because it carries no lottery to muddy the signal: if covered employers' L-1 extension filings hold flat through fiscal 2027, DHS is right and this reading is wrong.
There is a second reason to hold the calendar loosely. DHS adopted the identical interpretation in the 2020 Fee Rule at 85 FR 46788, and that rule was enjoined in its entirety during litigation unrelated to this fee, before it could take effect. Petitions filed on or after September 9 carry the charge, and DHS said it will not apply to petitions already pending on that date.
US Department of Homeland Security, final rule at 91 FR 51360, August 10, 2026. Annual collections in US$ millions, fiscal 2016 to fiscal 2025. The Congressional Budget Office estimated $420 million a year in December 2015.
Why it matters for practitioners
- ◆Recut the investor list this week by workforce ratio rather than by headcount. The test is 50 or more US employees with more than half in H-1B, L-1A or L-1B status, so a 60-person engineering office can be covered while a 3,000-person plant is not.
- ◆Move the fee from the entry column to the retention column in aftercare files. For a covered employer it now recurs at each extension instead of landing once at hire.
- ◆Agencies competing for delivery, engineering and shared-service centers outside the United States can price the renewal line explicitly instead of leaving it inside a general cost-of-labor comparison.
- ◆Watch the docket before September 9. The identical interpretation in the 2020 Fee Rule was enjoined before it took effect, and a court order would reset the calendar rather than the policy.
Sources
- 9-11 Response and Biometric Entry-Exit Fee for H-1B and L-1 Visas
- Africa's duty-free access to the U.S. now rides on a spending bill
- India, Southern Africa Open Trade Talks With $16 Billion at Stake
- Africa Finance Corporation (AFC) Raises Landmark CHF 350 Million Digital Bond, Becoming First African Issuer and Largest International Issuer in the Swiss Market
- Egypt Secures Wind Power at $24/MWh in 20-Year Voltalia Deal
- RBI Releases Draft FEMA (Foreign Investment) Rules, 2026 to Replace NDI Rules, 2019
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