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Tuesday, November 5, 2024

Home Business Egypt allocates new budget to support export development

Egypt allocates new budget to support export development

by News desk
July 13, 2022
in Business

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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 cyber security projects.—Zawya News