The Prime Minister also indicated that as of July 2023, the system for export support through the Export Development Fund will become fully automated
Egypt will allocate nearly EGP 30 billion to support exports in the next fiscal year, up from the EGP 8 billion previously allocated, according to a statement by Egypt’s Prime Minister, Mostafa Madbouly.
Madbouly stated that the EGP 30 billion is part of a three-year program starting with the next fiscal year. He explained that the program will be in agreement with export councils and chambers of commerce with specific and fixed controls.
The Prime Minister also indicated that as of July 2023, the system for export support through the Export Development Fund will become fully automated.
This is due to complaints received from exporters that after submitting the papers, the waiting time is almost a year until the money is disbursed to the investor and the factory. However, after the automation process, the waiting time will be a maximum of 3 months for the money to be paid in full amount to both the investors and the factory.
Earlier this week, Madbouly reassured the public that the government will not fail to meet its international commitments. He also stated that Egypt is preparing over 10 military-owned or affiliated companies for their debuts on the stock exchange, but did not disclose their names.
