Egypt allocates 80 billion EGP to support production and entrepreneurship

Egypt's Minister of Finance, Ahmed Kouchouk, announced that 80 billion Egyptian pounds have been allocated in the current budget to support programs aimed at stimulating production, exports, and entrepreneurship.

Speaking at the Techne Entrepreneurship and Technology Summit, Kouchouk highlighted the implementation of a ‘simplified tax system’ designed to encourage small businesses to grow and expand. He noted that the Ministry of Finance is prepared to fund innovative initiatives that enhance the competitiveness of the Egyptian economy, providing soft loans through the Small Business Development Agency.

To increase the effectiveness of economic support, the Ministry plans to collaborate with the Ministries of Investment and Industry to establish two specialized funds for targeted sectors. Additionally, Kouchouk emphasized the role of digital transformation in improving public services, noting that over 1.2 million citizens have already registered for the real estate tax mobile application.