Egypt disburses EGP67b to boost export sector since 2019

The Egyptian government disbursed 67 billion Egyptian pounds to support over 3,000 exporting companies since 2019, deputy finance minister said on Monday. This

Of this total, 12.2 billion pounds were specifically earmarked for the food industries sector. This support is part of the government’s efforts to help exporters settle dues owed to the Export Development Fund.

Yasser Sabry, Deputy Minister of Finance for Fiscal Policies, emphasised the importance of exports as a key driver of economic growth, employment, and stability. He highlighted the government’s commitment to supporting the private sector and creating a favourable environment for exports.

To further support exporters, Sabry said the government allocated an additional 23 billion pounds in the current fiscal year. These measures demonstrate the government’s dedication to promoting exports and fostering economic growth.

In addition to these financial incentives, the government is also working on tax reforms and other measures to improve the business environment for investors, he added. These efforts aim to reduce uncertainty, enhance public spending efficiency, and enhance the competitiveness of Egyptian exports.

Moreover, Sabry said government’s support for exporters has been significant, as evidenced by the refund of 3.8 billion pounds of value-added tax to 1600 companies within 22 days during the fiscal year 2023/2024. This demonstrates the government’s commitment to streamlining processes and providing timely assistance to businesses.

Attribution: The Egyptian Cabinet