$54 billion.. Egyptian exports grow in 2022

Egyptian Prime Minister Mostafa Madbouly said yesterday, Wednesday, that preliminary figures show that Egyptian exports amounted to $53.8 billion in 2022, up from about $45 billion in the previous year, an increase of nearly 20 percent.

Madbouly said, during a press conference yesterday after the cabinet meeting, that the state has a “very clear plan in managing the dollar during the year 2023; But we will not be able to announce it until its time … to completely close the dollar gap during the next few period.”

He referred to the breakthrough in the release of goods and commodities from the Egyptian ports after the dollar was procured from the Egyptian banks, after a difficult flotation process that reduced the pound to about 30 pounds per dollar. 

Oil exports

He pointed out that the volume of the country's imports during 2022 remained unchanged, as a result of the rationalization of government expenditures.

Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, confirmed that the past year 2022 witnessed the achievement of a record number of oil exports, which amounted to $18.2 billion; Noting that in 2021, exports amounted to $12.9 billion, and it reached $7 billion in 2020; Pointing to the achievement of a big jump in gas exports in 2022, which is being worked to maximize during this period.

support the productive sectors

The Cabinet approved the general framework of the new initiative to support the productive sectors (industry and agriculture). 

In this regard, the most important features of the initiative were reviewed. Where it was indicated that it aims to reduce the interest rate on loans provided to the industrial and agricultural sectors, within the framework of continuous support for these sectors and supporting their activities.

According to the initiative to support the productive sectors (industry and agriculture), an amount of about 150 billion pounds will be provided, of which approximately 140 billion pounds are to finance working capital operations, and about 10 billion pounds to finance the purchase of capital goods. The proposed period for the initiative is 5 years, starting immediately.

75 million pounds

The volume of credit available to each company was determined, according to a statement from the Council of Ministers, in light of the volume of its business and the regulating banking rules, and provided that the maximum user limit allowed for each company does not exceed the amount of 75 million pounds, and about 150 percent of the maximum limit for linked customers.

The companies joining the initiative will bear a reduced interest rate of 11 percent, provided that the Ministry of Finance bears the difference in the interest rate.