The Ministry of Investment and International Cooperation signed a Japanese grant on Sunday worth EGP 15.5m to develop an automated system to collect the value-added tax (VAT). This was done in the presence of Finance Minister Mohamed Moeit, minister of investment and international cooperation, Sahar Nasr, and Japanese Ambassador Takehiro Kagawa.
A press statement from the ministry said that the new agreement matches the vital governmental implementation to boost economic reforms and support Egypt’s development plans.
The Japanese ambassador stressed the keenness of his country to support Egypt, pointing out that this grant is a symbol of cooperation between the two countries and will contribute to increasing the budget revenues of Egypt and supporting the economic development in Egypt.
The ambassador praised the results of the economic reform programme in Egypt and the measures to improve the investment climate, adding, “the climate has become suitable for Japanese companies to pump more investments in Egypt.”
The statement noted that before the signing, the joint committee between the Ministries of Investment and International Cooperation and Finance held its first meeting, where the committee discussed the joint issues, noting that the committee works to remove any obstacles facing investors, especially in terms of customs and taxes.