Minister of Finance, Ahmed Kochock, detailed the successful implementation of the Egyptian export support initiative across six phases spanning 2019 to 2023.
During this period, over 2351 companies reaped the benefits of the program, receiving a collective support sum of EGP 54.15 billion.
Transitioning into the seventh phase, which has kicked off in the fiscal year 2023/2024, 900 companies have already begun to benefit from a support package totaling EGP 8 billion.
Looking ahead, the initiative is set to continue its impact with plans to assist an additional 300 companies in the fiscal year 2024/2025, providing support amounting to EGP 3 billion.
These updates were shared during a meeting between Ahmed Kochock and Prime Minister Mostafa Madbouly, where they reviewed the progress of the National Export Support Program. It was affirmed during this session that both the Ministry of Industry and the Ministry of Finance have been tasked with crafting a tailored strategy to bolster export activities.
The prim
ary objective of this initiative is to propel Egypt towards its goal of doubling exports within the foreseeable future, aiming to achieve an annual export value of $100 billion by 2030.
Prime Minister Madbouly underscored the importance of ensuring timely payments to exporters, setting a maximum period of 3 months for settlements.
He emphasized the significance of honoring payment deadlines, suggesting the potential for offsetting taxes or other governmental dues to expedite the process. Additionally, measures to streamline access to new lands were highlighted.
Furthermore, Madbouly announced the successful completion of the trial run for the mechanized export support system, with preparations now underway for its official launch.
Source: State Information Service Egypt
