Massive Export Support Donation Announced by Egypt

Egyptian Finance Minister Mohamed Maait announced the release of LE 28.1 billion to support and stimulate exports with an annual growth rate of 368.3% in the budget for the next financial year.

He stressed the need for prompt payment of dues to exporters within 3 months of the completion of the submission of documents in a way that provides cash liquidity that stimulates manufacturing activities and facilitates the entry of Egyptian goods into world markets. LE 19.5 billion has been allocated to support industrial and agricultural production activity.

Yesterday, the Council of Ministers approved the draft budget for the next financial year 2023/2024, which is designed taking into account the exceptional circumstances observed in the global economy and is putting extremely heavy pressure on the budgets of countries, including Egypt, both in the face of unprecedented increases in the prices of goods and services; As a result of supply chain disruption or high financing costs, according to Finance Minister Dr. Mohamed Maite.

Source: Al-Ahram