CAIRO – 1 September 2022: Within the new state budget 2022/2023, the Egyptian government allocated funds estimated at 376 billion pounds for public investments, with an annual growth rate of 9.6 percent, to improve services provided to citizens and create more job opportunities for youths.
The new budget also aims to increase environmentally-friendly projects to 50%.
According to the new budget submitted by the government to the House of Representatives and approved, the government is keen, during the next fiscal year, to proceed with the implementation of serious structural reforms to stimulate investment and increase the contributions of the private sector to economic activity.
This comes in a manner that helps diversify production patterns and localize the industry to raise the growth rate, provide job opportunities and maximize exports, in a way that leads to the preservation of the country’s safe economic path amid these global challenges.
According to the budget, a total of 5 billion pounds were allocated to bear the financial burdens resulting from the reduction of electricity prices for the industrial sector.
Also about 1.5 billion pounds are allocated to bear the cost of real estate taxes on the industrial sector, with a commitment to provide the financial allocations required to quickly respond to the export burdens of exporters.
The new budget further allocates 6 billion pounds to continue the Financing the Exporters Support Program, which will provide them with the necessary cash to continue the production cycle and stimulate exports.