Haye and Chisora were involved in a brawl at a news conference following the latter's defeat by WBC title holder Vitali Klitschko in February.
Chisora had his license withdrawn by the British Boxing Board of Control (BBBC) while former world champion Haye relinquished his when announcing his retirement in October following his loss to Wladimir Klitschko last July.
Zimbabwe-born Chisora was also banned indefinitely by the World Boxing Council.
Luxembourg's boxing federation agreed to sanction the fight at West Ham United's Upton Park stadium on July 14 -- a move condemned by the BBBC.
"The minister was not amused by this initiative," an official at the ministry said on Thursday.
"This does nothing to further the value of sport or the image of Luxembourg in general."
The official said the subsidies were some 3,000 to 4,000 euros per year and acknowledged that they would not make a huge difference to the sporting body.
"The gesture is more symbolic," he said.
The BBBC said earlier this month that anyone involved in the proposed fight would be stripped of their licence.
The Luxembourg Boxing Federation has agreed to give both fighters licences and is set to receive Haye for a medical test, which Chisora has already passed.
"Chisora had his licence withdrawn, but he hasn't been suspended so he is entitled to seek a licence elsewhere," said Toni Tiberi, the boxing federation's secretary-general.
He added that the pair were far from the only boxers to have misbehaved.
"You saw incidents with Frazier and Foreman. Tyson bit an ear and was still allowed to box," he said. "This fight will be a real match and not one just put on for show."