Egypt unveils new investment incentives, rules out tax increases: PM

CAIRO - 7 November 2024: Egypt’s Prime Minister, Mostafa Madbouly, affirmed that the government has no intention of imposing additional taxes. Instead, a series of tax incentives have been introduced to stimulate investment and foster economic growth in the country.

 

During a recent meeting with the heads of specialized parliamentary committees, Madbouly underscored the government’s unwavering commitment to its economic reform agenda, acknowledging the inherent challenges of such a path. He assured that these efforts would be complemented by social protection measures aimed at supporting the most vulnerable segments of society, particularly in the face of regional and global uncertainties.

 

The Prime Minister also referenced the visit of Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), to Egypt. He highlighted her recognition of the unprecedented global challenges that governments, especially in the Middle East, are facing. 

 

Georgieva commended Egypt’s collaborative efforts with the Central Bank of Egypt, which have played a critical role in stabilizing the exchange rate and facilitating a downward trend in inflation. She also stressed the importance of maintaining reform momentum amid ongoing global uncertainties.

 

Madbouly addressed the government’s response to electricity load management, noting that significant steps have been taken to tackle increased consumption driven by various developmental projects. He reported a 12% rise in electricity usage during this summer compared to the same period last year, detailing the strategic collaboration with the Central Bank to manage this heightened demand.

 

Reiterating the government’s dedication to advancing economic reforms, Madbouly emphasized that these measures are designed to avoid placing additional financial strain on citizens. The government’s priority remains on improving the quality and delivery of essential services for the public.

 

Furthermore, Madbouly announced that a full mandate has been granted to the ministerial group responsible for industrial development. This group has been empowered to make decisive moves to support the industrial sector, boost production, and further solidify the government’s commitment to sustainable economic progress.