14 December 2013

Egypt: Exports Development Fund Discusses Export Support Rates

The Exports Development Fund board of director held a meeting of a committee formed from several ministries inside the industry ministry's headquarters.

The meeting discussed export support rates which are estimated at 3.1 billion EGP for the current fiscal year.

Minister of Industry Mounir Fakhry Abdel Nour, Finance Minister Ahmed Galal, Agriculture Minister Ayman Abu Hadid and Tourism Minister Hisham Zaazou attended the meeting.

For his part, Minister of Industry and Trade Mounir Fakhri Abdul Nour said that the meeting approved extending the current system of burden exports return system until end of this financial year or adoption of a new system whichever is earlier.

During the meeting, the fund agreed on allocating about EGP 25 million for the national project for fighting the fruit fly. The fund also agreed on paying 50% of the fees of registering the Egyptian drugs in the foreign markets.

Abdul Nour noted that during his talks with the African trade ministers, they demanded that the Egyptian drugs should be registered in their countries.

Minister of Finance Ahmed Galal said that the exports are an essential source of developing national economy, asserting that countries that achieved economic developments depended on the export sector.

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