Egypt adopts measures help economy fight Coronavirus fallout

Bookmark and Share

Wednesday - 18 March 2020 - 2:1 PM


On Tuesday, Egypt's Prime Minister Mostafa Madbouly unveiled a big package of steps to help the economy counter the impact of the Coronavirus (COVID-19) fallout.


The government will reduce the price of a cubic meter of natural gas for industrial use to $ 4.5 per million thermal units, as well as defer the payment of real estate tax for factories and tourist facilities for a period of 3 months.


In support of the industrial sector, Madbouly said the government would reduce the electricity prices by 10 piastres for heavy industrial uses and keep other industrial electricity prices unchanged for the next 3-5 years.


Between March and April, Egypt will allocate EGP 1bn to exporters to repay their entitlements and reduce stamp duties to 0.125 percent for non- residents, and 0.05 percent for residents.