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Egypt subsidizes exporters with EGP 40B in 30 months

Egypt subsidizes exporters with EGP 40B in 30 months

Arab Finance: Egyptian Ministry of Finance settled arrears owed to the Exports Development Fund of EGP 40 billion to support exporters in 30 months under the immediate cash payment initiative, Minister of Finance Mohamed Maait announced in a statement on December 8th.

The ministry will continue supporting exports to encourage industry and productivity as per the Presidential directives to bring exports to $100 billion, Maait asserted.

On Thursday, December 8th, 436 exporters disburse EGP 2.5 billion of their dues to the Exports Development fund as part of the second batch of beneficiaries under the fifth phase of the immediate cash payment initiative to support exporters, he added.

The remaining exporting companies will benefit from the initiative under the fifth phase in mid-December, the minister said.

For his part, Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk said that up to EGP 7 billion was disbursed to support exporters under the initiative’s fifth phase so far out of the total allocated EGP 10 billion for the phase.

Moreover, Nevine Mansour, Advisor Deputy Minister of Finance for Economic Affairs, pointed out that the payment procedures are carried out through four banks, namely National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Export Development Bank of Egypt (EBank).

The positive impacts of the immediate cash payment initiative were reflected in the increase in non-oil exports of 29.1% in fiscal year (FY) 2021/2022, Mansour added.

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