ANNOUNCEMENT 20 Feb 2013In February 2013, the government of Egypt announced a change in financial export support.
NUMBER OF INTERVENTIONS
Ministry of Trade and Industry (Arabic): http://www.mfti.gov.eg/reports/press_release.asp?Id=2171
American Chamber of Commerce in Egypt (Finance heading): http://www.amcham.org.eg/resources_publications/publications/watch_bulletin/default_articles.asp?MC=2213&MyP=1
On 20 February 2013, the Minister of Trade and Investments presented to the council of exports a set of new rules to increase export subsidies to an amount of EGP4 billion (USD593 million) in FY 2013/14, from an amount of EGP3.1 billion (USD459.65 million) allocated in FY2012/13. Moreover, the draft proposes to oblige exporters to deposit their foreign currency proceeds in Egyptian banks and convert them into local currency.