22 Jun 2021

The Minister of Trade and Industry announced that the government will be launching a new and improved export subsidy program in July 2021. The program will include incentives for exports to Africa in particular, and will run for 3 years. The sectors that can apply for the program are the automotive, pharmaceuticals, chemicals, and ceramics sectors, while other sectors are also being considered for inclusion. The Minister said that the program will solve around 40% of the obstacles that face exporters. The government is also conducting a number of studies in conjunction with the CBE (Central Bank of Egypt) aimed at formulating better export incentives.

On a related note, the Export Subsidy Fund has paid EGP4.3bn in subsidies to 925 exporters in its most recent disbursement. The fund has paid EGP27bn in total since the launch of the program last year. (Source: Enterprise (English), Amwal al-Ghad (1), (2), (3))