CAIRO – 17 December 2023: Egypt has allocated more than LE 50 billion since October 2019 to strengthen the nation's global trade, attract foreign investment, and improve economic stability, with a particular focus on supporting exporters, Minister of Finance, Mohamed Maait said.
He also added that Egypt has dedicated LE 160 billion to support the agricultural, industrial, and tourism sectors. This financial support is accompanied by an interest rate cap of 11 percent over a period of 5 years.
However, the difference in interest rates poses a burden on the state's public treasury, amounting to an annual cost exceeding LE 13 billion. These details were revealed by Maait the Scientific Society for Tax Legislation conference.
The Finance Ministry has implemented financial policies aimed at advancing the localization of the industrial sector within Egypt. These measures contribute to fortifying the national economy by fostering increased reliance on production and exports.
Furthermore, the finance minister announced an investment incentive ranging from 33 percent to 55 percent of the tax payable on profits generated from green hydrogen projects. This incentive is intended to encourage investments in environmentally focused projects.
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