Egypt provides $532mln in export subsidy in 2023: Trade Minister

Egypt provides $532mln in export subsidy in 2023: Trade Minister

Egypt’s Trade and Industry Minister Ahmed Samir announced that the Export Development Fund, under his ministry, has extended the export subsidy rates for the fiscal year (FY) 2022-2023 to sustain the growth of non-oil exports.

As part of the immediate payment initiative for export subsidy, the fund has paid EGP 14.2bn to 1,756 companies for completed files until 31 May 2023. It has also allocated EGP 2.2bn from its budget to clear the exporters’ arrears to the fund and settle their debts to various government entities worth EGP 1bn, as well as other dues such as paying for industrial lands to exporters, totaling EGP 156.6m, and supporting exhibitions with EGP 193m. In addition, it has subsidized EgyptAir for air cargo with EGP 383.8m and transferred all the Ministry of Finance’s dues from the initiatives, amounting to EGP 458.2m.

On the other hand, the ministry has strengthened trade relations with several countries to boost exports. The minister led delegations to visit several countries to discuss enhancing economic cooperation, including Sweden, Russia, and Germany and visited Turkey for the first time in 10 years.

Meanwhile, the Egyptian Commercial Service has offered 1,026 export opportunities, the most important of which has an estimated value of $1bn