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EDF issues 564 payment vouchers to exporting firms worth EGP 2 bln
29 April 2022  -  Organization :  -  Sector/Entity :  -  Category : Small Industries

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The Export Development Fund has disbursed EGP 2 billion to the third batch of exporters within the fourth phase of the lump-sum payout initiative of export subsidy arrears.

Cairo- Apr 29, 2022

Within the fourth phase of the lump-sum payout initiative for export subsidy arrears, the Export Development Fund (EDF) has issued 564 payment vouchers, worth EGP 2 billion, to a corresponding number of exporters, as part of the third batch which totals 683 exporting companies, 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 would greatly enhance the production capabilities of these firms and boost the competitiveness of locally-manufactured products.

She added that the rest of companies within the fourth phase will have their vouchers issued through May.

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.

The cash payouts are disbursed in four phases worth: EGP 13.2 billion, EGP 4.6 billion, EGP 1.8 billion and EGP 3.4 billion respectively

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