Egypt takes economic action to counter coronavirus effects
The Egyptian government announced a series of widely welcomed economic measures to help protect the industrial sector against the negative repercussions of the coronavirus.
Egypt is implementing a raft of measures to boost the industries and businesses expected to be hit hardest by the COVID-19 pandemic.
On March 17, Prime Minister Mustafa Madbouly announced the government has taken steps to support the industrial sector and deal with the expected economic repercussions of the spread of the novel coronavirus.
The government decided to reduce the price of natural gas provided to industries to $4.50 per million British thermal units (Btu), down from $5.50. Electricity prices were also lowered for heavy industry by 0.10 Egyptian pound ($0.0064) per kilowatt-hour.
For exporters, Egypt is providing 1 billion Egyptian pounds (about $63 million) in March and April to help cover some of the dues they pay into a government fund for their benefit. The government also will pay 10% of those dues in cash to exporters in June.
