Egypt's Finance Minister Ahmed Kouchouk has announced that EGP 80bn has been allocated in the current budget to support and stimulate production, exports, and entrepreneurship. This move aims to foster economic growth while maintaining fiscal stability. The minister made this statement during his participation in the Techne Summit for entrepreneurship and technology.
The Finance Ministry is providing concessional financing to companies through the Micro, Small and Medium Enterprise Development Agency (MSMEDA). This initiative supports economic activity and stimulates growth. Minister Kouchouk emphasized that dialogue with startups and entrepreneurs is a source of inspiration for the ministry, helping to foster innovation and development.
The simplified tax system is a wholly Egyptian initiative aimed at encouraging small businesses and supporting their growth and expansion. Minister Kouchouk stated that the government is ready to finance any innovative initiatives that contribute to strengthening the growth and competitiveness of the Egyptian economy.
The Finance Ministry aims to cooperate with the ministries of investment and industry to establish two funds supporting specific activities and sectors. This cooperation will help direct economic support in a more targeted and effective manner. The primary objective of digital transformation is to improve services provided to the public by simplifying procedures and making services easier and more efficient to access.
One of the successful digital initiatives is the real estate tax mobile application. Minister Kouchouk reported that the number of people registered on the app has exceeded 1.2 million. The application is undergoing continuous development to further simplify procedures, make services easier to access, and improve the quality of services provided to citizens.
Minister Kouchouk's statements highlight the Egyptian government's efforts to support entrepreneurship and economic growth. The government's initiatives aim to create a more favorable business environment and stimulate economic activity. These efforts are crucial for Egypt's economic development and growth.
The allocation of EGP 80bn and the government's initiatives demonstrate its commitment to supporting production, exports, and entrepreneurship. The Finance Ministry's efforts to cooperate with other ministries and provide concessional financing will likely have a positive impact on Egypt's economy.
Key points
- EGP 80bn allocated to support production, exports, and entrepreneurship in the 2026/27 budget.
- The government is ready to finance innovative initiatives that contribute to strengthening the growth and competitiveness of the Egyptian economy.
- The real estate tax mobile application has registered over 1.2 million users.
