Latest news with #AhmedKouchouk
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Empowering private sector key to expanding in African markets: Finance Minister
Finance Minister Ahmed Kouchouk affirmed the government's commitment to empowering Egypt's private sector, particularly in its efforts to expand into African markets. He stressed that the sector has consistently demonstrated agility, growth potential, and competitiveness when supported by a more investment-friendly business environment. Speaking during a meeting with the Investment and Economic Development Sector of the Egyptian African Businessmen's Association (EABA), Kouchouk highlighted the growing importance of public-private partnership (PPP) projects. He described PPPs as essential instruments for advancing development across the African continent and facilitating deeper regional economic cooperation. 'We are determined to work together to transfer expertise, exchange technical know-how, and share successful reform experiences with our partners in Africa,' the minister stated. Kouchouk outlined the government's ongoing efforts to stimulate production and boost exports by providing greater support to local companies. He also announced that new structural and administrative reforms are underway within the Tax Authority, aiming to streamline procedures and make compliance easier for taxpayers. On the customs front, the minister said tangible improvements are expected soon, particularly in reducing clearance times and associated costs. He added that the Finance Ministry, in collaboration with the Ministry of Investment, is actively working to facilitate trade flows and increase export activity, providing maximum economic backing to exporters. The minister reiterated the government's commitment to enhancing the competitiveness of Egyptian exports in both African and global markets, while also attracting increased domestic and foreign investment. During the meeting, Yousry El-Sharkawy, Chairperson of the Egyptian African Businessmen's Association, announced the launch of a sustainable dialogue platform with the Finance Ministry through a new 'Think Tank' model. The initiative aims to support ongoing tax and customs reform, and foster long-term collaboration with the private sector. He noted that early signs of improvement have already been observed following the implementation of the first package of tax facilitation measures, which received strong interest from the business community. Rasha Abdel Aal, Head of the Egyptian Tax Authority, reaffirmed the authority's full commitment to building a transparent, supportive relationship with the private sector. She emphasized efforts to reduce tax disputes, promote compliance, and enhance service quality through practical, flexible solutions developed in cooperation with business partners. These efforts, she said, are aimed at encouraging growth and profitability while generating sustainable returns for the national economy. Meanwhile, Ahmed Amoui, Head of the Egyptian Customs Authority, noted ongoing efforts to modernize customs operations and reduce clearance times as part of a broader strategy to streamline investment procedures. He highlighted the introduction of a comprehensive risk management system to expedite low-risk shipments, as well as the adoption of automated classification and valuation tools to ensure faster, more accurate tariff assessments and commodity release. The meeting underscored the government's broader economic reform agenda, focused on easing the path for private sector growth, supporting exporters, and positioning Egypt as a competitive trade and investment hub on the African continent.
Daily News Egypt
04-08-2025
- Business
- Daily News Egypt
Electronic public procurement platform nears completion: Kouchouk
Ahmed Kouchouk, Minister of Finance, announced that Egypt's legal framework for public procurement has earned international recognition in a recent report by the New Development Bank (NDB) of the BRICS countries. The report praised the Egyptian Public Procurement Law for its alignment with the bank's policies and international best practices, confirming its suitability for projects financed by the NDB. Kouchouk highlighted the importance of discussing the report's recommendations during a two-day workshop held in Cairo, which brought together business leaders, government stakeholders, representatives from the NDB, and the General Authority for Government Services. He underlined the government's commitment to strengthening institutional collaboration with international partners to improve the investment climate and emphasised the role of external assessments in supporting the continuity of structural reforms. He noted that modernising the public procurement system is a key step towards fostering stronger partnerships with the private sector. Kouchouk also revealed that the national electronic procurement platform is close to completion. Once operational, it is expected to simplify procedures, enhance transparency, and improve accessibility for investors—ultimately contributing to a more competitive and attractive business environment. The deputy minister further reaffirmed the state's dedication to promoting competitive neutrality in Egypt's markets through better governance and transparency. He stressed the importance of maintaining structured dialogue platforms between the private sector and international institutions to exchange expertise on procurement frameworks. For his part, Mohamed Adel, head of the General Authority for Government Services, stated that the goal is to enhance the efficiency of the government's procurement system. He explained that the Authority is closely examining the NDB's recommendations and is currently implementing a comprehensive development plan covering legislative, procedural, and technical reforms. Adel also noted that building human capacity remains a cornerstone of any successful institutional reform.
Zawya
01-08-2025
- Business
- Zawya
Egypt allocates $925mln for exports under FY2025/26 budget
Arab Finance: The government allocated the highest budget ever for export during the current fiscal year (FY) at EGP 45 billion, Minister of Finance Ahmed Kouchouk said. This aligns with the state's efforts and initiatives to support exporters. This includes the 'Instant Cash Payment' initiative, which benefited approximately 3,000 exporting companies, with a total value of EGP 70 billion. Kouchouk and Prime Minister Mostafa Madbouly followed up on the latest developments of disbursing overdue export subsidies. He noted that the ministry is scheduled to pay EGP 5 billion to 2,000 exporters on August 7th, under the export subsidy program. Exporters will receive 50% of their overdue dues in cash from the Export Development Fund for shipments until the end of June 2024. They can send their requests during the period between August 17th and September 4th. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
31-07-2025
- Business
- Zawya
Egypt's minister unveils $102mln cash payout for 2,000 exporters on August 7
Egypt - Ahmed Kouchouk, Minister of Finance, announced that around 2,000 exporting companies will receive approximately EGP 5bn in cash payments on 7 August. This payment represents the first instalment—equivalent to 50%—allocated under the new Cabinet-approved mechanism for settling overdue export support payments. Covering shipments up to the end of June 2024, these payments are made through the Export Development Fund as part of the government's plan to clear all arrears owed to exporters over four consecutive fiscal years starting from the current one. The initiative is designed to support the export sector by providing liquidity to help exporters boost their exports and enhance the global competitiveness of Egyptian products. In a statement issued by the Ministry of Finance on Wednesday, Kouchouk added that, due to strong demand from exporters, the ministry will reopen applications from 17 August to 4 September 2025. This window will allow companies holding certificates from the Export Development Fund to submit the required documents and benefit from the mechanism, with a second payment scheduled for 18 September. Nevine Mansour, Advisor to the Minister of Finance for Economic Institutional Relations He further noted that the current fiscal year includes the largest-ever allocation for export support in the state budget, amounting to EGP 45bn. This will enable the reimbursement of export burdens for the current fiscal year within just three months of file completion, under the new mechanism adopted by the Cabinet to fully settle outstanding dues. This builds on earlier successful programmes launched since 2019, including the Immediate Cash Payment initiative in its seven phases, which benefited around 3,000 exporting companies with total payments of roughly EGP 70bn. Nevine Mansour, Advisor to the Minister of Finance for Economic Institutional Relations, clarified that the first instalment under the new mechanism will be disbursed through the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. She added that, in cooperation with the Central Bank and the banking sector, payments for companies that do not hold accounts at these four banks will be transferred to their accounts at other banks without any administrative fees, further streamlining the disbursement process. © 2025 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
31-07-2025
- Business
- Daily News Egypt
Finance minister unveils EGP 5bn cash payout for 2,000 exporters on 7 August
Ahmed Kouchouk, Minister of Finance, announced that around 2,000 exporting companies will receive approximately EGP 5bn in cash payments on 7 August. This payment represents the first instalment—equivalent to 50%—allocated under the new Cabinet-approved mechanism for settling overdue export support payments. Covering shipments up to the end of June 2024, these payments are made through the Export Development Fund as part of the government's plan to clear all arrears owed to exporters over four consecutive fiscal years starting from the current one. The initiative is designed to support the export sector by providing liquidity to help exporters boost their exports and enhance the global competitiveness of Egyptian products. In a statement issued by the Ministry of Finance on Wednesday, Kouchouk added that, due to strong demand from exporters, the ministry will reopen applications from 17 August to 4 September 2025. This window will allow companies holding certificates from the Export Development Fund to submit the required documents and benefit from the mechanism, with a second payment scheduled for 18 September. He further noted that the current fiscal year includes the largest-ever allocation for export support in the state budget, amounting to EGP 45bn. This will enable the reimbursement of export burdens for the current fiscal year within just three months of file completion, under the new mechanism adopted by the Cabinet to fully settle outstanding dues. This builds on earlier successful programmes launched since 2019, including the Immediate Cash Payment initiative in its seven phases, which benefited around 3,000 exporting companies with total payments of roughly EGP 70bn. Nevine Mansour, Advisor to the Minister of Finance for Economic Institutional Relations, clarified that the first instalment under the new mechanism will be disbursed through the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. She added that, in cooperation with the Central Bank and the banking sector, payments for companies that do not hold accounts at these four banks will be transferred to their accounts at other banks without any administrative fees, further streamlining the disbursement process.
