EGP 1.668 Billion Paid to Beef Up Egypt’s Exports

Export Development Fund (EDF) paid EGP 1.668 billion to export companies during the current fiscal year from July 2011 to January 2012 with a view to shoring up Egypt's exports, said Minister of Industry and Foreign Trade Mahmoud Eissa. In statements, Eissa said that 1,692 companies benefited from the financial allocation, underlining that these companies' exports increased to yield revenues worth EGP 3.286 billion.

The companies are operating in 18 sectors; including food processing, ready-to-wear clothes, weaving and textiles, agro-products, engineering industry, chemicals, ceramic & granite tiles manufacturing and cosmetics, Eissa added. The EDF held a series of meetings with the different manufacturing and export sectors to follow up and evaluate its programs to cater for the needs of the various export sectors, Eissa said.

Meanwhile, the Minister urged on Friday to stage a security and economic campaign to counter smuggling of cotton imports. Decision of allowing cotton imports from abroad in the local market was not issued by the industry and foreign trade and agriculture ministries, Eissa said, adding however, the decision of banning cotton imports was issued by the two ministries. The coming period will witness talks with Interior Minister Mohammed Ibrahim to discuss ways to confront imported cotton smuggling and sales tax evasion, Eissa said.