Egypt has allocated EGP 80 billion, equivalent to $1.5 billion, in its current budget to support production, exports and entrepreneurship, Finance Minister Ahmed Kouchouk said.
Speaking at the Techne Summit for entrepreneurship and technology, Kouchouk said engagement with startups and entrepreneurs helps the ministry design more efficient policies suited to Egypt’s economic needs.
The ministry’s simplified tax system is intended to support small businesses and encourage growth and expansion. Concessionary financing for companies will be provided through the Micro, Small and Medium Enterprise Development Agency, according to the minister.
Kouchouk also said the Finance Ministry is working with the ministries of Investment and Industry to establish two funds supporting targeted investment and industrial activities. Separately, more than 1.2 million citizens have registered on the electronic real estate tax application, which is being developed to simplify government services.
Source: Waya
