Gov’t to begin implementing new export incentive program next fiscal year: The government will begin implementing a new, flexible export incentive program next fiscal year, according to a Cabinet statement. The program will be implemented for a year as a trial with periodic meetings between the prime minister and export councils to review progress and evaluate exporters’ performance.

How much exporters will receive is not confirmed. Abdel Hamid Demrdash, the head of the agricultural exports council, said a portion of the incentives will be in cash, with the balance written off against taxes, according to Youm7. Our own source at one of the nation’s export councils told us no agreement has yet been reached. Exporters will be required to obtain a certificate from the Industrial Development Authority (IDA) making clear their percentage of local content to determine their eligibility for subsidies, Al Mal reports.

Background: The Finance Ministry has been looking at different ways to pay out delayed export subsidies owed to a number of exporters. The new program will come as part of a larger strategy to double exports of manufactured goods to USD 50bn by 2025 and to encourage foreign and domestic investment in key sectors.