Ganzouri Pumps EGP 600 mln into Exports Fund

Prime Minister Kamal al-Ganzouri decided yesterday to pump LE600 million into the exports support fund before the end of the fiscal year to boost the competitive edge of Egyptian products domestically and abroad.

Revenues increased 17 percent last year in the exports sector, making five times the revenues from the Suez Canal during the same period. The cabinet is also considering establishing a body to encourage real estate investment in Egypt.

The decision came after a meeting between the cabinet and representatives from 15 export councils.

Planning and International Cooperation Minister Fayza Abou Al Naga said the council delegates called for support for exports through the increase of the capital of exports support fund, which was allocated LE2.5 billion in the state budget this year, down from LE4 billion.

Foreign Trade and Industry Minister Mahmoud Issa said that his ministry is in favor of increasing support for exports because it creates jobs for youth and improves Egyptian products through the use of technology to increase its competitive edge.