Eissa: EGP 3.1 Billion to Boost Exports

Egypt's Export Promotion Fund is in the process of adopting new criteria to offer export-support incentives to exporters in the coming fiscal year, Industry and Foreign Trade Minister Mahmoud Eissa said on Wednesday.

At a meeting with members of the coordination council for promoting exports, he promised that the new criteria will help in stimulating small enterprises and encouraging local industries as well as in transferring new technological know-how and the promotion of exports. He also said that the fund has been earmarked EGP3.1 billion in the State's budget for fiscal 2012/13.

The Egyptian exports account for a large percentage of the gross domestic product and are regarded as an important source of foreign currency, he stressed.