Egypt allocates to support exporters in FY 2023/24

Egypt allocates to support exporters in FY 2023/24

Arab Finance: Egypt has allocated EGP 28.1 billion in the state budget for fiscal year (FY) 2023/2024 to support exporters, Minister of Finance Mohamed Maait unveiled on April 9th.

The government also plans to disburse the exporting subsidies to exporters as of the next fiscal year to provide the necessary cash liquidity for production optimization, the minister added.

Additionally, Maait said that the ministry continues to refund export burdens through the Export Development Fund, with EGP 48 billion disbursed to 2,500 exporting companies since October 2019.

As per the presidential directives, the country will proceed with supporting the industrial and agricultural sectors with EGP 150 billion in concessional financing at an 11%-subsidized interest rate, Maait noted.

He added that the public treasury bears EGP 5 billion as the value of property tax for three years, as well as EGP 6 billion annually to subsidize electricity prices for the industrial sector.

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