Egypt has introduced a new export subsidy program to boost the country’s export sector and economy. Egypt Prime Minister Mostafa Madbouly declared that the final draft of the Export Subsidy Program has been finalized. The program is scheduled to commence on July 1st and will remain in effect for three years.
At a press conference following the government’s weekly meeting, the Prime Minister explained that the subsidy program is intended to strengthen the industrial sector while progressively increasing the share of local content each year.
He emphasized that the government is actively pursuing export goals projected through 2030. Additionally, discussions with exporters are planned after Eid al-Fitr to finalize the legislation.
The Prime Minister also stated that advisory committees specializing in export development had convened to devise strategies in three critical sectors: textiles and apparel, industrial crops, and pharmaceuticals. These committees have developed specific measures to increase exports in these sectors from the current $14 billion annually to $34 billion within the next five years.
Madbouly elaborated that the government is following comprehensive plans for managing external debts, ensuring a structured and sustainable approach. He assured that the ratio of external debt to GDP has returned to safe levels, reflecting the effectiveness of strategy. Furthermore, the government is committed to reducing debt by an estimated amount ranging between $1.5 billion and $2 billion, which aligns with the broader economic objectives.
Madbouly dismissed claims of rising unemployment, confirming the rate remains at 6.4% and noting it has been halved.
Regarding Egypt’s broader economic performance, he affirmed that the country’s growth rate has reached 4.3%, while inflation continues to decline, reflecting positive trends in economic indicators.
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