Sat 18 Feb 2023 | 08:26 PM
Finance Minister Mohamed Maait delivering the government’s fiscal statement for the FY 2021/22 draft budget before the general assembly meeting. April 25, 2021. (File Photo)
Dr. Mohamed Maait, Minister of Finance, confirmed that Egypt is continuing to support the productive sectors, “industry and agriculture.”
The minister added that plans were adopted in a way that contributes to achieving the strategic goals of the state by maximizing productive capacities to meet the needs of local demand, limiting imports, expanding the export base, and enhancing the competitive strength of Egyptian products in global markets.
He stressed that the government plans to increase the proceeds of exports to 100 billion dollars, to strengthen the structure of the national economy and sustain growth rates.
The minister added that the state’s public treasury bears EGP 10 billion annually in the interest rate difference in the initiative to support the productive sectors by providing EGP 150 billion in soft financing at 11% interest for agricultural and industrial production activities so that EGP 140 billion is allocated to finance working capital and EGP 10 billion to purchase machinery, equipment or production lines. over 5 years; This contributes to encouraging investors to expand production and export.
