The Export Development Fund has disbursed EGP 2.5 billion to the
second batch of exporters within the fourth phase of the lump-sum payout
initiative of export subsidy arrears.
Cairo- Mar 3, 2022
Within the fourth phase of the lump-sum payout initiative
for export subsidy arrears, the Export Development Fund (EDF) has issued 559 payment
vouchers to the second batch of 556 exporting companies, at a value of EGP 2.5
bln, Minister of Trade and Industry Nevine Gamea has announced.
"The move comes according to presidential
directives to support the export sector," Gamea said, pointing out that it
has contributed to a boost in exports, topping the $32 billion barrier.
She added that the immediate payout initiative
includes four phases; worth EGP 13.2 billion, EGP 4.6 billion, EGP 1.8
billion and EGP 3.4 billion respectively, bringing the total export support
disbursed so far to EGP 23 billion.
The minister noted that the third batch of companies
will receive their vouchers at the end of April.
The immediate payout initiative was jointly launched by the ministries
of trade and finance in cooperation with four banks in November 2020. It allows
exporters to receive 85% of the total amount of the EDF’s export subsidy
arrears, rather than being broken up into installments.