Egypt allocates EGP 67B to support over 3,000 exporting companies since 2019
Updated 9/10/2024 4:19:00 AM
Arab Finance: The Egyptian government has disbursed a total of EGP 67 billion to support over 3,000 exporting companies since 2019, including EGP 12.2 billion for food industries, Deputy Minister of Finance for Financial Policies Yasser Sobhi said during the first conference of food industry exporters.
Additionally, a sum of EGP 23 billion has been earmarked in the state’s budget for fiscal year (FY) 2024/2025 to continue export support initiatives, Sobhi noted.
He also pointed out that EGP 3.8 billion in value-added tax (VAT) was refunded to 1,600 companies last FY, with processing times reduced to under 22 days for each company.
Sobhi emphasized the government's goal of achieving financial discipline, reducing the budget deficit, and creating a stable, investor-friendly environment to stimulate economic growth.
He added that exports are a top priority in the government's agenda, recognizing them as key drivers of growth, employment, and economic stability.
The government is focused on empowering the private sector to expand production, increase exports, and ensure a sustainable inflow of foreign currency, Sohi noted.
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