Cairo - Egypt is set to launch a new export subsidy program aimed at boosting exports to $145 billion by 2030. The program, currently under development, seeks to address the challenges faced by exporters and enhance the country's global competitiveness.

Minister of Finance Ahmed Kouchouk announced that EGP 23 billion has been allocated in the current fiscal year's budget to support exports, following the success of the Immediate Cash Payment initiative, which disbursed EGP 66.9 billion since its inception in 2019.

The new program, expected to be finalized in the first quarter of 2025, will prioritize supporting local content in industries, localizing technology, and improving the competitiveness of Egyptian products through a comprehensive global competitiveness study.

Prime Minister Mostafa Madbouly revealed that the program will allocate approximately EGP 60 billion, with a focus on settling outstanding export arrears and providing timely financial support to exporters.

Minister of Trade and Industry Ahmed Samir ElKhatib emphasized the importance of aligning the program's objectives with the government's strategic goals, including increasing exports to African markets by mitigating export risks and establishing Egyptian logistics centers in major African cities.

The government is also implementing several initiatives to support the industrial sector, including financing programs for equipment purchases, a fund to support struggling factories, and a new initiative to support companies in priority industrial sectors with an initial allocation of EGP 30 billion.

ElKhatib stressed the importance of evaluating underutilized production capacities and identifying necessary investments across various sectors to maximize export potential.

The government is also working to reduce burdens on investors by implementing further reforms and attracting more global investments to Egypt, leveraging the country's competitive advantages in skilled labor, competitive wages, and favorable geographical positioning.