Chairman of the Export Council for Building Materials (ECBM) Waleed Gamal El-Din said that one billion Egyptian pounds will fund the building materials and metal industries sectors in the export support programme 2019/2020 budget.
The ministry of finance has approved increasing the exports support allocations among the texport support fund to 6 billion Egyptian pounds in 2019-2020 budget, he added.
Though the new export support fund is a step in the right direction, helping exporters access markets like Africa and providing technical assistance and training, Qassem says exporters will continue to face problems related to high production costs and inflation rates.
Under the new programme 40 per cent of the budget —2.4 billion pounds — will fund financial incentives for exporters, 30 per cent will go towards improving technical, technological and logistic services and the remaining 30 per cent to settle financial obligations, including taxes.
