Egypt's Ministry of Finance has launched a new EGP 50bn tourism initiative to encourage the construction of more hotel rooms and accommodate a larger number of visitors, Finance Minister Ahmed Kouchouk said on Tuesday. "We are working in coordination with the Ministry of Communications and Information Technology to launch a package of facilitations and support to localise some information technology industries, and we are studying launching new initiatives to help citizens switch to the best and cheapest means of energy," Kouchouk added. Kouchouk, speaking on the sidelines of the American Chamber of Commerce (AmCham) conference in Cairo, outlined three main priorities for financial policies in the coming period: enhancing economic stability, supporting the private sector, and reducing the rate of government debt. He also said that the government is working to improve the quality of tax services provided to the business community and expedite the resolution of tax-related disputes. "There will be a new page between the Tax Authority and the business community based on 'partnership, support, and certainty,'" Kouchouk said. "We will be announcing a comprehensive and integrated package of tax facilitations in the coming hours, paving the way for starting a real partnership with the business community." The minister said the government is formulating a "consistent and ambitious strategy" to reduce the rate and burden of government debt. He also said the government will explore new financial tools, including sukuk and green bonds, and aims to convert some debt into investments. Kouchouk stressed the importance of providing sufficient funding to support the manufacturing and export of cars, including electric vehicles. "We are open to studying incentive programs and initiatives with clear and measurable results," he said. "We have achieved tremendous progress in developing infrastructure, and broad horizons for growth and development can be launched."
