The Egyptian government will pay EGP 2 billion to support exports for many companies, Minister of Finance Mohamed Maait stated during the Fourth Annual Hapi Conference, Hapi Journal reported on October 5th.
The amounts paid to exporters under the cash payment initiative reached EGP 33 billion in two years.
The finance ministry supports the private sector through a group of incentives including allocating EGP 6 billion to subsidize electricity for the industrial sector.
It is worth noting that the Egyptian government seeks to increase the participation of the private sector in total investments in the country to 65% by the fiscal year (FY) 2024/2025. It also includes offering $40 billion worth of state-owned assets to the private sector by the FY 2025/2026.
The plan to empower the private sector includes drafting the State Property Document (SPD), launching an annual program for liquidation of assets, promoting competitive neutrality, and creating a supportive climate for more participation from the private sector.
The SPD was drafted by June 2022 and a group of discussions was conducted with representatives of the private sector and experts.
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