|17 August, 2019

Egypt to invest $663mln to launch industrial complexes, support exporters

The government allocated $362mln to a new programme for the stimulation of exports

Image used for illustrative purpose. Smoke billows from a chimney of the Nile Sugar Company factory along a highway of the Mediterranean city of Alexandria, north of Cairo, March 26, 2013.

Image used for illustrative purpose. Smoke billows from a chimney of the Nile Sugar Company factory along a highway of the Mediterranean city of Alexandria, north of Cairo, March 26, 2013.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: The Egyptian government has allocated EGP 11 billion ($663.71 million) to build industrial complexes and bolster exporters, finance minister, Mohamed Maait, said on Saturday, according to a statement.

Under the government plan to reduce unemployment and create jobs for young people across Egypt’s governorates, a total of EGP 5 billion were allocated to the building of 13 new industrial complexes, Maait revealed.

The minister stated that the government allocated EGP 6 billion to a new programme for the stimulation of exports.

On Friday, the Ministry of Finance announced that the Egyptian government is planning to reduce the government debt to GDP ratio to reach 77.5% by the end of June 2022, which will decrease the country’s debt service.

Source: Mubasher

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