Recent reports reveal that the Egyptian cabinet, along with Prime Minister Atef Ebeid, will soon discuss the possibility of implementing a five-year tax exemption to businesses benefiting from the country’s modernization program, in an effort to further promote the new plan.
Under the proposal, which is to be presented by the Minister of Industry Mustafa Al-Rifai, some 10,000 industrial enterprises will soon be reaping the rewards of modernization in the upcoming decade. Locally produced exports are expected to increase from the current eight billion Egyptian pounds (two billion dollars) to EP 76 billion during that period.
The establishment of a council to supervise the modernization process was also suggested. The council will also oversee the financing of the project. In addition to funds allocated by the European Union for the development plan, another EP 500 million will be provided locally. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
