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EDF issues 559 payment vouchers to 556 companies worth EGP 2.5 bln
3 March 2022  -  Sector :  -  Entity :  -  Category : Trade News

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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.
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