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LE1.5 bn earmarked for export promotion in 1st half of FY 2012/13 Export Development Fund's export promotion scheme yields $4.1 bn in export revenues in first half of current fiscal year
Egypt's Export Development Fund (EDF) disbursed LE1.5 billion to promote exports in the first half of the current fiscal year, EDF Executive Manager Abdel-Rahman Abdel-Raouf told state news agency MENA on Wednesday. During the period in question, 1,772 Egyptian companies received assistance from the fund, leading to the realisation of some $4.1 billion worth of exports by those companies, said Abdel-Raouf. This figure included $1.08 billion realised by 220 Egyptian ready-made garments exporters. The 97 export companies in the engineering sector performed second best, with exports totalling some $657 million. The 681 companies in Egypt's agricultural sector that received assistance from the EDF, meanwhile, exported $535 million worth of agricultural produce in the same period. Furniture exports by 75 companies amounted to $361 million for the period, while 76 textiles companies succeeded in exporting some $276 million worth of goods. Exports of plastics and other chemicals totalled $246 million, medical supplies exports came to $86 million, and cosmetics exports amounted to $52 million for the period. Abdel-Raouf pointed out that small- and medium-sized enterprises had accounted for 60 percent of the companies that benefited from the EDF's assistance. In a related development on Wednesday, Minister of Industry and Foreign Trade Hatem Saleh announced that the ministry had finalised new regulations governing the EDF's export promotion activities. In the 2011/12 fiscal year, Egypt recorded a $31.7 billion trade deficit, during which total national exports totalled $27 billion. http://english.ahram.org.eg/News/65223.aspx
