The Export Development Fund’s (EDF) board of directors on Thursday approved EGP 6bn worth export subsidies for the fiscal year (FY) 2019/20.
It comes after consultations between the government and the business community represented by the Federation of Egyptian Industries, the Federation of Egyptian Chambers of Commerce, and different export councils to increase Egyptian exports to international markets, Minister of Trade and Industry, Amr Nassar, said.
The minister added that the export subsidies will be allocated for each sector separately, namely sectors of food industry, spinning and weaving, ready-made garments, household furnishings, engineering and chemical industries, fertilisers, building materials, metal industries, construction, packaging, pharmaceutical industries, leather, furniture, handicraft industries.
Nassar pointed out that the allocations for each sector will be reviewed every six months.
