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Egypt allocates LE 48 billion in new budget to boost exports and support economic growth
via Egypt Today2 min read
Finance Minister Ahmed Kouchouk announced that Egypt's new state budget includes an allocation of LE 48 billion to enhance exports, with targeted programs supporting priority sectors and accelerating export expansion. He highlighted strong growth potential in service industries, particularly outsourcing and information technology. Kouchouk emphasized the government's commitment to engaging with stakeholders to shape economic direction and stressed the importance of a comprehensive and coordinated vision to address economic challenges. The minister noted that Egypt is implementing balanced fiscal policies to stimulate growth, preserve financial discipline, and maintain macroeconomic stability, including expanding economic, productive, and tax bases. Initiatives are underway to introduce tax, real estate, and customs incentives to strengthen partnerships with the private sector. The new budget also prioritizes human development and improving public services. Kouchouk mentioned expected progress in the state asset offering program and continued support for solar energy expansion. Plans include establishing specialized tax service centers and a simplified tax system for young entrepreneurs and small-scale industries, offering low-cost financing for the first 100,000 participants. Improving public debt indicators is a core objective, with exceptional revenues directed towards debt reduction.
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This summary was AI-generated from a story originally published by Egypt Today.
Egypt has strongly condemned recent threats targeting Saudi Arabia, rejecting any escalation that could jeopardize the Kingdom's security or regional stability. In an official statement, the Ministry of Foreign Affairs denounced these threats as irresponsible actions that undermine regional stability, endanger international trade, and threaten maritime navigation in vital waterways. The ministry stated that these actions violate international law, the United Nations Convention on the Law of the Sea, and relevant UN Security Council resolutions. Egypt reaffirmed its full solidarity with Saudi Arabia and other Gulf Cooperation Council member states, expressing complete support for measures taken by the Kingdom to protect its security, stability, sovereignty, and territorial integrity. The statement also emphasized the importance of prioritizing political and diplomatic solutions while adhering to international legal frameworks to achieve de-escalation and maintain long-term peace in the region.
Egypt鈥檚 Minister of Foreign Affairs, International Cooperation, and Expatriates, Badr Abdelatty, met with Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the United Arab Emirates, in Abu Dhabi. The ministers praised the strong Egyptian-Emirati relations, guided by the directives of Egyptian President Abdel Fattah El-Sisi and UAE President Sheikh Mohammed bin Zayed Al Nahyan, and reaffirmed their commitment to deepening bilateral cooperation. They condemned Iranian attacks on Arab states, with Abdelatty expressing Egypt's solidarity with the UAE and GCC countries, calling for an immediate halt to escalatory actions. Both officials emphasized the importance of preserving freedom of navigation in the Strait of Hormuz and rejected efforts to restrict transit through international waterways. The meeting also included discussions on regional developments in Sudan, Palestine, Syria, and Lebanon, with an agreement to maintain close coordination for regional security and peace.
Must ReadEgypt has strongly condemned the attack on the Kuwaiti oil tanker Kifan in the Strait of Hormuz, an incident that resulted in injuries to several crew members. In an official statement, Egypt described the attack as a dangerous escalation and a flagrant violation of international law and freedom of navigation. The nation warned that such acts threaten the security of the Gulf region and the safety of international maritime trade. Egypt affirmed its full solidarity with Kuwait, supporting all measures taken by the country to preserve its security, sovereignty, and national interests. The ministry reiterated Egypt's firm rejection of any aggression targeting Arab nations or endangering global shipping corridors. Egypt urged an immediate end to all escalatory actions, calling on all parties to abide by international law and the UN Charter. The statement emphasized the critical need to prioritize diplomacy and dialogue to defuse tensions and safeguard regional stability.