Egypt to allocate LE 28-30 billion for new export rebates program in FY 2023/24: Cabinet

CAIRO – 27 March 2023: Egypt’s new export rebates program will run for up to three years with an estimated cost of LE 28-30 billion over the coming fiscal year 2023/2024, the Cabinet announced in a statement on Sunday.

Prime Minister Mostafa Madbouli said the government seeks to prepare a solid program to support and develop Egyptian exports, based on the great interest that the state attaches to developing the system of support provided to exports.

He added that the government seeks through this program to ensure that Egyptian exports reach various global and regional markets and to achieve the desired national economic growth goals.

Minister of Finance Mohamed Maait, Minister of Trade and Industry Ahmed Samir, Assistant Minister of Finance Shereen El-Sharkawy, Executive Director of the Export Development Fund Amani Al-Wasal, and Advisor to the Deputy Minister of Finance for Financial Policies Nevine Mansour attended the meeting.

Several initiatives to reimburse the export burdens due to exporters have been launched with the Export Development Fund since October 2019 with the disbursement of LE 42.5 billion to 2,500 companies as an export support, the finance minister announced in January.

These initiatives help provide the necessary cash liquidity to ensure the rotation of the economy and enable exporters to fulfill their obligations, the minister said.

This would lead to maximizing the country's productive capabilities, expanding the export base, enhancing the competitive strength of Egyptian products in global markets, and realizing the dream of reaching $100 billion in exports, he added.