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EDF issues 583 payment vouchers to exporters till end-April
26 April 2021  -  Organization :  -  Sector/Entity :  -  Category : Trade News

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The Export Development Fund will have disbursed a worth of EGP 2.7 billion to exporters within the second phase of the lump-sum payment initiative of export subsidy dues.

Cairo- Apr 26, 2021

The Export Development Fund (EDF) will have issued 583 payment vouchers to exporters by the end of April, totaling EGP 2.7 billion (EGP 2.5 billion net), within the second phase of the lump-sum payment initiative of export subsidy dues, Minister of Trade and Industry Nevine Gamea has said.

The EDF, she added, will also extend the deadline for beneficiary companies to submit their applications from January 31 to April 30, and vouchers for this period to be released in June.

“The initiative aims to support the export sector; providing cash liquidity that enables exporting companies to fulfill their obligations towards their customers and protect jobs amid the coronavirus pandemic,” Gamea noted.

The lump-sum payment initiative was launched by the Ministries of Trade and Finance in collaboration with banks. It allows exporters to receive 85% of the total amount of export arrears before the end of December, rather than being broken up into installments.

 

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