Egyptian Industries’ Cost Rise 15% On Dollar Shortage

Mr. Khaled Aboul Makarem, Deputy Chairman of the Chemical and Fertilizers Export Council, has stated that the dollar shortage contributed to ramping up the cost of industry to 15%, especially after the dollar’s price reached EGP 6.95, while the citizens buy it at EGP 7.50 in the black market.

During the council’s meeting yesterday, Aboul Makarem elaborated that the chemicals sectors should get its 10% due subsidy on the exports, out of the subsidy that provided by the Export Development Fund.

The Deputy Chairman has pointed out that the state can obtain $ 22 billion as dollar outcomes if it supports the Egyptian industry instead of borrowing only.