Egypt’s Citizen Budget: Govt. assigns funds for economic stimulus

Egypt’s Ministry of Finance issued Citizen’s Budget report for fiscal year 2024/2025, including a range of financial measures aimed at stimulating economic activity and supporting key sectors.

The budget allocates 120 billion Egyptian pound for financing facilities in agriculture and industry sectors. To support tourism, the treasury will cover a 50-billion-pound interest rate difference for a low-cost financing initiative for the sector.

Additionally, 40.5 billion pound have been set aside to support the industrial sector and export activities, reflecting the government’s commitment to enhancing economic growth.

To boost economic activity, the budget includes incentives for medium, small, and micro enterprises. It also introduced incentives by 33 to 55 per cent of the tax paid by green hydrogen and strategic industries projects.

Moreover, companies will be able to recover up to 50 per cent of the land value and investment costs for projects completed within half of the specified period, encouraging timely project completion.

Attribution: Citizen’s Budget FY 2024/2025 report

Subediting: M. S. Salama