Egypt allocates $980.3m to support exports in coming fiscal year

Egypt will allocate nearly 30 billion Egyptian pounds ($980.3 million) to support exports in the next fiscal year, up from the 8 billion Egyptian pounds previously allocated, according to a statement by the Egyptian prime minister.  

Mostafa Madbouly said that these allocations are part of a three-year program beginning with the next fiscal year, and that there will be an agreement with export councils and chambers of commerce on specific and fixed controls, CNBC Arabia reported.  

In an apparent reference to S&P Global Ratings downgrading Egypt’s outlook to negative in April, the prime minister emphasized that the North African country has not and will not fail to meet any international obligations.  

He also said Egypt will also continue the initial public offerings program, and will not back down, as the North African country’s target is to achieve about $2 billion before the end of next June.  

According to Madbouly’s statement, the aim for the first six months of this year is to reach at least 25 percent of the target.  

Egyptian President Abdel Fattah El-Sisi has announced the issuance of golden permits to investors in the North African country to expedite projects and increase investment.  

With a single permission, investors will be able to buy or rent land, operate and manage projects.