(3 minutes read)
· Egyptian Minister of Finance Mohamed Ma’it revealed that an amount of LE 6 billion were spent from the state budget towards promotion of exports under the head- the Export Development Fund- during the fiscal year 2019-20
· The state, the minister said, was committed to disbursing the accumulated export incentives since 2012 to the exporters.
· Considerable progress has been made towards this end and the trade and industry were taken into confidence while sorting out these issues.
Egyptian Minister of Finance Mohamed Ma’it revealed that an amount of LE 6 billion were spent from the state budget towards promotion of exports under the head- the Export Development Fund- during the fiscal year 2019-20. This amount was expended to compensate the exporters for the handicaps thy faced while exporting goods from the country vis-a vis their competitors. Promotion of exports and incentivizing that are part of the presidential mandates for economic development of the country.
These incentives were extended to 1,667 exporting companies. Their accumulated dues in lieu of exports were partly cleared by providing them cash. This has helped not only in overcoming the difficulties they faced on account of Covid-19, but also in generating job opportunities during the difficult trajectory, when people lost jobs
due the lockdown. The state, the minister said, was committed to disbursing the accumulated export incentives since 2012 to the exporters. Considerable progress has been made towards this end and the trade and industry were taken into confidence while sorting out these issues.
The government has allocated LE 7 billion to support exports in the budget for the current fiscal year 2020-21. These funds will be disbursed every month to the Export Development Fund, the minister added.
