Ambitious budget to be launched next month to provide finance for "economic support" initiatives in favor of industrial activities and export

Minister of Finance, Ahmed Kouchouk, affirmed launching an ambitious budget as of next July to provide finance for "economic support" initiatives that serve the industrial activities and export, in a brave step toward partnership with business community, pointing out that an amount of EGP 78bn is allocated in the new budget to stimulate the private sector to increase production and export, as well as to boost the competitiveness of Egyptian economy.

 

Kouchouk stated that the new budget includes EGP 45bn to meet the requirements of the export sector, as of next July, as well as to avoid any late payment of exporters' receivables, through a stimulative program aiming at alleviating export burdens, within the framework of an integrated vision to support economic growth.

 

"The new budget provides EGP 8.4bn to support investment in tourism, increase hotel rooms to receive more tourists," said Kouchouk. "An amount of EGP 29.6bn is allocated to support industrial production at 69% growth compared to the present fiscal year budget to encourage the efforts exerted for nationalizing and strengthening the industry.

 

In the new budget, an amount of EGP 5bn is allocated to increase the productivity of top priority industries, and other EGP 5bn as cash incentives to provide finance for micro, small, and medium-sized enterprises, EGP 3bn to support automotive industry and its supplements and components in Egypt, and EGP 3bn to be allocated for the initiatives aiming at shifting to more efficient and cost-effective energy resources." added Kouchouk.