This financial assistance comes with an interest rate capped at 11% over a duration of 5 years. Maait also stated that state’s public treasury bears more than 13 billion pounds annually in interest rate differences in loans to these sectors.
Egypt has allocated EGP 160 billion to support the agricultural, industrial, and tourism sectors. This financial assistance comes with an interest rate capped at 11% over a duration of 5 years. Maait also stated that state’s public treasury bears more than 13 billion pounds annually in interest rate differences in loans to these sectors.
These details were disclosed by Mohamed Maait, the Minister of Finance, during the Scientific Society for Tax Legislation Conference.
Maait stated that the Egyptian Cabinet approved an initiative in January to provide support to production sectors through low-interest loans, adding that more than 2,454 clients have benefited from this program, receiving a total financing amount exceeding EGP 88 billion.
Maait also highlighted the ministry’s efforts to issue financial policies aimed at advancing the localization of industry within Egypt. These measures contribute to strengthening the national economy by fostering greater reliance on production and exports.
To support the expansion of exports, Egypt has allocated EGP 50 billion to exporting companies. This funding has been provided since October 2019 as part of initiatives to settle outstanding payments owed to exporters through the Export Development Fund, as stated by Minister Maait.
Furthermore, the minister announced an investment incentive ranging from 33% to 55% of the tax payable on profits derived from green hydrogen projects. This incentive serves as a means to encourage investment in such environmentally projects.
