Gov’t to allocate EGP6bn annually to export subsidies
The government will allocate an annual EGP6bn in its budget for export subsidies as of FY19/20, Vice Minister of Finance Ahmed Kouchouk said, according to a statement issued by the Ministries of Trade and Finance. The new programme will allow increasing subsidies in tandem with increasing exports as of the second year of implementation, Kouchouk said. The Finance and Trade Ministries have held meetings to discuss allowing exporters to net overdue subsidies off against their taxes.
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