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EDF issues 465 vouchers to 455 exporting companies worth EGP 957.4 mln
30 December 2021  -  Sector :  -  Entity :  -  Category : Trade News

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The Export 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.

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