Egypt allocates new budget to support export development

The Minister of Finance added that EGP 5 billion has been allocated to support reducing the electricity prices for the industrial sector

Staff Writer, Mubasher

July 12, 2022

PHOTO

Egypt has allocated EGP 6 billion in the new budget for fiscal year 2022-2023 to support export development, the Egyptian Minister of Finance, Mohamed Maait, announced as cited by Al Ahram.

Maait said that the ministry continues to pay exporters’ dues through the Export Development Fund, with EGP 35 billion disbursed to exporting companies since October 2019.

The Minister of Finance added that EGP 5 billion has been allocated to support reducing the electricity prices for the industrial sector, as part of Egypt's goal to raise the private sector's contribution to various economic activities.

It is noteworthy to mention that as part of its new budget, the country will invest EGP 6.025 billion in implementing digital transformation and cybersecurity projects.

Source: Mubasher

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.