CAIRO – 21 October 2024: Prime Minister Mostafa Madbouly held a meeting to assess the latest developments in the implementation of Egypt’s export burden refund program.
He reaffirmed the government’s dedication to closely overseeing the program, given its crucial role in advancing Egypt’s goal of doubling export numbers in key sectors and opening new opportunities for exporters in regional and global markets.
Madbouly stressed the importance of making timely payments to exporters to maintain trust and provide essential support.
He also highlighted plans to introduce unprecedented incentives for industries not yet established in Egypt but essential to the local market, aiming to localize production and reduce the country’s reliance on imports.
Cabinet spokesperson Mohamed El-Homsani noted that the meeting reviewed the progress of the program from July 1, 2023, to February 29, 2024. Additionally, the Prime Minister examined the actions taken under the new phase of the program, which began on March 1, 2024, and will continue until June 30, 2025. Steps to ensure the timely disbursement of exporters’ dues were also discussed.
El-Homsani added that key factors in the program’s implementation include focusing support on high-value products, allocating specific budget portions to each export sector, and gradually increasing the required percentage of local content in exported goods.
Starting from July 1, 2024, the minimum local content for exports benefiting from the program will be set at 35 percent, with further increases planned.
The meeting also reviewed the progress of the program’s automation, which began on August 15, 2024.
The first phase includes registering exporting companies and enabling the electronic submission of support requests. Updated rates and regulations will be incorporated into the system once approved.
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