President El-Sisi: Tax exemptions of up to 10 years will be granted to 150 priority projects in Egypt
First Bank
President Abdel Fattah El-Sisi stated that Egypt has launched a group of 140 to 150 priority projects for support. He mentioned that incentives, including tax exemptions for a period ranging from 5 to 10 years, will be provided to companies working on these projects.
He made this announcement during his speech at the opening session of the annual meetings of the Asian Infrastructure Investment Bank, which are taking place today and for the next 2 days in Sharm El Sheikh.
Regarding infrastructure and the role of the private sector, President Abdel Fattah El-Sisi highlighted a significant infrastructure gap in Egypt. He emphasized that, in collaboration with the Egyptian and foreign private sector, the government has supported and developed the infrastructure over the past 8 years to bridge that gap, resulting in advanced infrastructure in vital sectors such as energy and transportation.
The President affirmed that Egypt has provided substantial financing over the past 7 years, with a significant portion of it used to support infrastructure.
He pointed out that Egypt has invested extensively in building advanced infrastructure, enabling substantial development opportunities in various fields. He noted that the state's initial focus was on providing the necessary investment for infrastructure support.
He also mentioned that around 5,000 private sector companies contributed significantly to the financing used to support Egypt's infrastructure.
The state is committed to allowing the private sector to lead development in Egypt, as outlined in a royal state policy document, with the goal of eliminating all exceptions that state-owned companies enjoyed in terms of taxes, and more, to provide equal opportunities for both public and private sectors.
President El-Sisi stated that the Higher Council for Investment has issued more than 22 resolutions and measures aimed at stimulating and encouraging private sector investment in the Egyptian state.
