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The Egyptian Minister of Finance, Ahmed Kochock announced that more than 2351 companies benefited from the government-run export support initiative which was executed between 2019 and 2023 with a total support of EGP 54.15 billion.
The Egyptian Minister of Finance, Ahmed Kochock announced that more than 2351 companies benefited from the government-run export support initiative which was executed between 2019 and 2023 with a total support of EGP 54.15 billion. The Egyptian Minister of Finance, Ahmed Kochock, explained that six stages of the Egyptian export support initiative were executed and the seventh stage has commenced, with 900 companies benefiting during FY2023/2024 with a support amount of EGP 8 billion. Currently, the initiative is ongoing, with plans to benefit an additional 300 companies during FY 2024/2025 with support amounting to EGP 3 billion.
This was disclosed during FM’s meeting with Prime Minister, Mostafa Madbouly, to follow up on the recent developments of the National Export Support Program. During the meeting, the Prime Minister confirmed that both the Ministry of Industry and the Ministry of Finance had been directed to establish a specific plan to support exports. This plan aims to help achieve Egypt’s targets of doubling exports in the upcoming period and reaching USD 100 billion annually by 2030.
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Madbouly also emphasized the necessity of promptly paying exporters their dues within a maximum period of 3 months. He stressed the importance of adhering to set deadlines for payments, with the possibility of offsetting taxes or any other government dues, as well as facilitating access to new lands. Madbouly announced that the trial operation of the mechanized export support system has been completed, with preparations underway for its official launch.
