The Export Development Fund has disbursed a worth of EGP 4.6 billion to exporters within the second phase of the export subsidy dues lump-sum payment initiative.
Cairo- June 21, 2021
Within the implementation of the second phase of the lump-sum payment initiative for export subsidy arrears, Minister of Trade and Industry Nevine Gamea has announced that 1,186 payment vouchers have so far been issued by the Export Development Fund (EDF) to 925 export companies - out of 1,601 registered - at a value of EGP 4.6 billion (EGP 4.3 billion net)
"The move comes according to presidential directives to support the export sector," Gamea said, pointing out that it would significantly help enhance production capabilities for these firms and boost the competitiveness of Egyptian products in foreign markets, especially amid the coronavirus crisis.
The initiative was jointly launched by the Ministries of Trade and Finance in collaboration with various banks. It allows exporters to receive 85% of the total amount of export subsidy arrears before the end of December, rather than being broken up into installments.