Development Fund has disbursed a worth of EGP 957.4
mln to the first batch of exporters,
within the fourth phase of the initiative to pay out export subsidy arrears.
Cairo- Dec 30, 2021
Within the implementation of the fourth
phase of the
lump-sum payout initiative for export subsidy arrears, Minister of Trade and
Industry Nevine Gamea has announced that 465 payment
vouchers have been issued by the Export Development Fund (EDF) to the first
batch of 455 exporting companies, at a value of EGP 957.4 million.
She added that the second and third batches of
beneficiary companies will receive their vouchers by the end of February and
April, noting that the total sum disbursed so far amounts to EGP 20.5 billion
for 1,751 firms.
"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 cooperation 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.