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Wednesday, 27 April 2016

Parliament will push for tripling of export subsidy fund to EGP 10 bn

Parliament will push the government to increase budget allocation for the export subsidy fund to EGP 10 bn, up from its current budget allocation of EGP 2.7 bn, said Mohamed El Sewedy who heads the House Industry Committee and the Federation of Egyptian Industries. Also on the committee’s agenda was a push to amend certain objectionable articles of the Mines and Quarries Act, though El Sewedy did not specify which articles the committee will seek to amend. Speaking at the Egyptian-Bahraini Business Forum, El Sewedy added that the FEI was continuing to lobby the government to reduce gas prices to factories to USD 4.5 per mbtu, from its current USD 7 per mbtu. (Read in Arabic)

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