|07 April, 2020

Egypt's government directed to support aviation, export, housing sectors

Government to build 250,000 social housing units

The 15th May Bridge and the surrounding buildings are seen in Cairo, Egypt, April 29, 2018.

The 15th May Bridge and the surrounding buildings are seen in Cairo, Egypt, April 29, 2018.

REUTERS/Mohamed Abd El Ghany

The Egyptian government has been requested to offer loans with specific facilities to the aviation sector, according to a presidency statement.

The aviation sector will enjoy loans with two-year grace period, according to President Abdel Fattah el Sisi’s directives.

The Ministry of Finance will also study the possibility of paying financial fees for the sector. This comes as part of a facilitating package in line with the current conditions due to coronavirus outbreak.

It is worth noting that Egypt’s air traffic will be suspended until April 15th upon the Cabinet’s decision.

As for the export sector, all businesses dues at the Export Subsidy Fund will be disbursed by at least 30% of, with each company receiving at least EGP 5 million of overdue subsidy.

El Sisi also urged the government to build 250,000 social housing units. In addition, he directed the government to complete the 100,000 residential units that are a replacement to the unsafe zone in Egypt.

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