(2 Minutes Read)
Egyptian Minister of Finance Ahmed Kouchouk said that a new export support program will be launched next week in coordination with the Ministry of Investment and Foreign Trade, while having an open dialogue with representatives of the business community during his field visit to Alexandria.
Kouchouk confirmed that all exceptional revenues are directed toward reducing debt, referring to a USD 3 billion cut in Egypt’s external debt last year. He also announced plans to increase funding for industry and exports in the upcoming budget.
The government aims for a 3.5% primary surplus this year and is working to streamline payment processes for investors by unifying collection agencies. He reassured business leaders that there will be no new taxes on investors. He added that tax revenues have grown by 38% in the past 10 months, and the private sector is the main engine for economic growth.
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Alexandria Governor Ahmed Khaled and Chairman of the Federation of Chambers of Commerce Ahmed el Wakil expressed support for continued reforms that foster investment and economic growth.
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