Prime Minister, Mostafa Madbouly, held a meeting to follow up on the recent developments of the implementation of Egypt’s export burden refund program.

During the meeting, Madbouly emphasized the government’s commitment to closely monitoring the implementation of the export refund burden program, given its importance in supporting Egypt’s plans to double export figures in targeted sectors and create real opportunities for exporters in regional and global markets.

He stressed the necessity of ensuring timely payments to exporters, which will reinforce credibility and provide much-needed support to them. He also pointed out that unprecedented incentives will be granted to industries not currently present in Egypt but needed by the domestic market, with the aim of localizing these industries and reducing the import bill.

Cabinet’s spokesperson, Mohamed El-Homsani, stated that the meeting reviewed the progress of the export refund burden program from July 1, 2023, to February 29, 2024.

The Prime Minister also reviewed the measures undertaken under the new program, which commenced on March 1, 2024, and will run through June 30, 2025.

 The discussion also covered the steps taken to ensure the timely payment of exporters’ dues.

El-Homsani added that key determinants for the program’s implementation were discussed, including directing more support toward products with higher added value, allocating a specific budget share for each export sector, and gradually increasing the percentage of local content in companies’ products.

The percentage of local content required for exports benefiting from the program will rise to a minimum of 35% starting July 1, 2024, with gradual increases in the future.

Additionally, the meeting reviewed the progress of automating the export refund burden program.

The first phase of the automation, launched on August 15, 2024, includes the registration of exporting companies and the electronic submission of support requests. The new program’s updated rates and regulations will be programmed and incorporated once they are approved.