Egypt begins exports finance and subsidization

The Egyptian government began the first program to finance and support Egypt's exports to foreign markets.

An official source said that the new program to finance and support Egyptian exports comes in response to directives by President Mubarak to the government to increase exports.

LE 500 million were allocated to an Export Support Fund at the Export Development Bank in accordance with Prime Minister's Ebeid decision. LE one billion was also allocated to a fund for easy terms loans to exporters.

Ebeid has recently met with Export Development Bank chairman Mahmoud Mohammed Mahmoud. They decided to provide incentives to exporters of agricultural products.

On his part, State Minister for Local Administrative Development, Mohammed Zaki Abu Amer, said employment of youth tops the agenda of the government.

He added that a committee was set up to ease procedures to employ youth. The committee will discuss means to encourage private sector to provide 75 per cent of job opportunities annually.