Egypt Pays Over EGP 13 Bln Annually in Interest Rate DifferenceSource: www.export-egypt.com 12/17/2023, Location: Africa |
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Egypt bears an annual burden of over EGP 13 billion due to interest rate differences in loans provided domestically at discounted interest rates for production sectors, covering agricultural, industrial, and tourism activities, Minister of Finance Mohamed Maait said.
The low-interest loans are part of an initiative approved by the Egyptian Cabinet in January to support production sectors. Over 2,454 clients have benefited from the initiative so far, receiving total financing of more than EGP 88 billion, according to Maait. The minister added that the country continues to provide financial support, amounting to EGP 160 billion, for agriculture, industry, and tourism activities, by providing loans with an interest rate capped at 11 percent over five years. In addition, Egypt covers EGP 5 billion in real estate tax for industrial projects over three years and allocates EGP 6 billion annually to support the industrial sector's electricity needs, Maait noted during the Scientific Society for Tax Legislation conference. More Incentives Maait highlighted Egypt's concerted efforts to implement financial policies that encourage industry localization and provide monetary incentives to boost the growth of strategic priority industrial sectors. One notable measure has been the exemption of strategic industrial projects from certain types of taxes for five years, Maait indicated, adding that these projects are eligible for a recovery of up to 50 percent of the land and investment costs, provided they are completed within the designated timeframe. Furthermore, the minister highlighted that, in support of exporters, Egypt has allocated over EGP 50 billion since 2019 to bolster the country's international trade, attract foreign investment, and enhance economic stability. As part of its ambitious goals, Egypt aims to support the local industry, increase exports, and attract foreign investments to ensure a steady supply of US dollars. The government's target, announced in 2022, is to gradually increase annual exports to reach $100 billion within a five-year timeframe. |
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