Egyptian Minister of Finance Mohamed Maait announced an incentive for green hydrogen production ranging between 55% and 33% of tax dues, as per a statement on May 18th.
Maait also disclosed an incentive of up to 35% of an electric vehicle’s (EV) local production cost, in addition to an incentive to convert cars to EVs and natural gas-run ones.
Moreover, mobile phone components have been exempted from development fees and customs duties to lure further investments, the minister highlighted.
The government is working on integrated structural reform packages to initiate gradual recovery of the macroeconomic indicators before the end of 2023, he noted.
The minister’s remarks came on the sidelines of the Canada-Egypt Business Council (CEBC).
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