Egyptian Prime Minister Mostafa Madbouly said Wednesday initial figures show that Egyptian exports reached $53.8 billion in 2022, an increase of 20 percent from last year.
For his part, Egyptian Minister of Trade and Industry Ahmed Samir stated that despite the challenging global circumstances, the non-petroleum exports of Egypt registered a record total of $35.612 billion, a 12 percent increase compared to last year.
Egypt's Petroleum Minister Tarek el-Molla said that 2022 witnessed record petroleum exports of $18.2 billion. In 2021, $12.9 billion-worth exports were made compared to $7 billion in 2020.
He further noted that a quantum leap was achieved in gas exports in 2022.
The cabinet approved the initiative aimed to support the industrial and agricultural projects in the country in its weekly meeting in Cairo on Wednesday.
The government will allocate 150 billion Egyptian pounds to the five-year initiative including nearly 140 billion pounds to finance capital money and 10 billion pounds to finance the purchase of capital goods.
The amount of credit available to each company will be determined by the volume of its business and the banking rules, provided that the maximum credit limit allowed for each company does not exceed the amount of 75 million pounds.
The initiative also stipulates that each company has transactions with a maximum of two banks from those participating in the initiative.