Cairo: Mostafa Madbouly, Prime Minister, confirmed that the final draft of the Export Subsidy Program has been completed and is set to be implemented starting July 1st for a duration of three years. During a press conference following the government’s weekly meeting, the Prime Minister explained that the program is designed to strengthen the industrial sector and progressively increase the proportion of local content each year.

According to State Information Service Egypt, the government is working toward export targets extending until 2030, with consultations set to take place with exporters after Eid al-Fitr to finalize the law. Additionally, meetings were held with advisory committees focused on export development, particularly in three key sectors: textile and apparel, industrial crops, and pharmaceuticals. The committees agreed on actionable steps to boost exports in these sectors to $34 billion within five years, up from the current $14 billion annually.

Madbouly further explained that the government has a comprehensive plan in place for managing external debt and is operating within this framework. He confirmed that the ratio of external debt to GDP has returned to safe levels, with the government targeting a reduction in external debt by between $1.5 billion and $2 billion.

In response to concerns about unemployment, Madbouly denied rumors about an increase, clarifying that the unemployment rate currently stands at 6.4 percent, emphasizing that it has been halved. Concerning Egypt’s overall economic indicators, he confirmed that the country’s growth rate has reached 4.3 percent, with inflation also on the decline.