Egypt dedicates to subsidize exports in FY 2023/24
The Egyptian government has approved the new export subsidies program for fiscal year (FY) 2023/2024 at an estimated cost ranging between EGP 28 billion and EGP 30 billion, the Cabinet’s Spokesperson Nader Saad revealed on March 26th.
This marks a remarkable surge from the current fiscal year’s budget for the export subsidies program amounting to EGP 8 billion.
The three-year program is set to be effective as of July 1st.
The new program’s automated system will be launched in July as well.
For his part, Prime Minister Mostafa Madbouly said that the government targets preparing a solid program to support and boost Egyptian exports as well as back exporters to reach all global and regional markets.