PM: Govt. backs exporters in push for $100b export target

Prime Minister Moustafa Madbouly has reaffirmed the government’s commitment to bolstering Egypt’s economy by providing increased support to exporters. During a high-level meeting with key ministers, Prime Minister Madbouly unveiled a comprehensive strategy aimed at accelerating payment disbursements to exporters within a maximum of three months. The plan also includes the implementation of an automated support system and the establishment of ambitious export targets.

Among the proposed measures, the prime minister emphasised flexible repayment terms for programme beneficiaries. Exporters will have the option to offset taxes or government receivables, and there is a focus on facilitating potential land acquisition. The overarching goal is to double Egypt’s annual exports to an impressive $100 billion by 2030.

To achieve this vision, the National Export Support Programme will undergo enhancements, with a particular emphasis on recognising top-performing companies and streamlining processes through digitalization.

For his part, Finance Minister Ahmed Kouchouk highlighted the substantial efforts made since 2019 in implementing the Egyptian export support initiative. Notably, six phases of the initiative have already benefited over 2,351 companies, receiving a total support of 54.15 billion Egyptian pounds by 2023. The ongoing seventh phase has provided 8 billion pounds to 900 companies in 2023/2024, while the eighth phase is poised to allocate 3 billion pounds to an additional 300 companies in 2024/2025.

Attribution: The Egyptian Cabinet