Egyptian Finance Minister Mohamed Maait announced Tuesday that six billion LE has been allocated in the new budget to support and develop exports, a show of the government’s keenness to support the export sector in facing economic crises. He added that five billion LE was also allocated to support reducing the price of electricity for the industrial sector. This will contribute to stimulating investment and increasing the participation of the private sector in various economic activities, preserving the country’s safe economic path. Maait stressed the industry’s continued support to transform these current global crises into development opportunities that support the Egyptian economy. This aims to achieve self-sufficiency in food and strategic commodities, and reduce the inflation bill imported from abroad.

Source: Egypt Independent July 13, 2022 17:14 UTC