Egypt allocates LE6B for new export stimulus program

CAIRO - 17 September 2019 - At a cost of $6 billion, the government has launched an exportation stimulus program that will be reviewed annually, announced Prime Minister Moustafa Madbouli in a press conference on Monday.

The allocated money for the exportation stimulus increased by L.E. 2 billion in the state’s budget to reach L.E. 6 billion, he clarified, adding “It has been agreed [to adopt] the initiative of 10 percent reimbursement for the exporters.”

“The government is working on finding solutions to all problems that exist for a long time; for example, putting an end to the differences between the Ministry of Finance and the Ministry of Social Solidarity regarding the pension, and between the Ministry of Finance and the Ministry of Electricity,” he said.

A total of L.E. 800 million was monitored as tax arrears after conducting a survey, Madbouli added, saying that pieces of lands on six million square meters will be offered for establishing the industrial zones.

The export stimulus initiative aims at enhancing local manufacturing, the prime minister said, adding that a government team was formed to facilitate the process of customs clearance for the products.