The initiative, which aims to “facilitate the import of cars for personal use for Egyptians residing abroad,” started on November 15 and will end on March 14 2023
Egypt will also receive $5 billion from international partners and $1 billion from a sustainable fund which will help the country finance its external funding gap
The average budget deficit in Egypt for the past 42 years was 7.9%, achieving its best figures soon after the Gulf War
The 633 companies represent the first batch of the 5th phase of the initiative, said Minister of Finance Mohamed Maait in an official statement today
Egypt is expecting more than 500,000 cars to be imported into the country by expats looking to take advantage of the scheme
