ITIDA Disburses EGP70 million Export Incentive for Egyptian IT Companies

ITIDA Disburses EGP70 million Export Incentive for Egyptian IT Companies

Cairo, Egypt - July 26, 2021 - The Information Technology Industry Development Agency (ITIDA) has announced today disbursing of its Export-IT's 2019 cash rebate on ICT exports of the local ICT companies. The total amount of export rebate for the program's 11th round has reached EGP70 m and have been paid for a total number of 131 companies out of 137 companies that have applied for the program this year. ITIDA's CEO, Amr Mahfouz said: "Export IT program is part and parcel of ITIDA's strategy that primarily aims at boosting Egyptian IT exports, increasing competitiveness, and enabling them to expand and access global markets." Mahfouz stressed that ITIDA attaches great importance to the Export IT program, in light of challenges brought upon by the global pandemic, and the unprecedented government support and commitment to boost exports as one of the main sources of foreign currency for the Egyptian economy. Furthermore, and based on the Egyptian ICT companies' request, ITIDA has reopened the submission of documents for "Export IT" 2020 rebate disbursement for a period of two weeks, until the end of July, aiming to expand the base of beneficiary exporting companies. Earlier this year, ITIDA launched an exceptional round of