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Over 1,600 exporters applied for cash repayment initiative’s 3rd phase

Over 1,600 exporters applied for cash repayment initiative’s 3rd phase

ArabFinance: Over 1600 export companies submitted their requests to benefit from the cash repayment for exporters initiative in its third stage, Finance Minister Mohamed Maait said in an emailed statement on July 29th.

The Ministry of Finance launched the initiative’s third stage on 30 June, allowing exporters to submit requests as of July 4th through July 29th.

The initiative allows export companies to obtain their arrears from the Development Fund as instant cash repayments.

Earlier in July, Maait announced that around 600 applications from export companies that are willing to benefit from the cash repayment for exporters initiative were submitted to the Ministry of Finance.

On June 30th, the ministry launched the third stage of the exporters support program that allows the companies to obtain their arrears from the Development Fund (EDF) as instant cash repayments.

Maait noted that the arrears of this stage are expected to be disbursed by end of September through end of October with an acceleration discount of 15%.

In 2020, the government launched the first stage of the initiative that targeted instant cash repayment of export companies’ arrears before the end of 2020, while it came into effect in November.

A sum of EGP 16.4 billion were disbursed to 2,000 export companies that registered in the programs’ two previous stages.

 

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