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EDF issues payment vouchers worth EGP 5.4 bln to 684 companies
10 October 2022  -  Sector :  -  Entity :  -  Category : Trade News

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The Export Development Fund has disbursed EGP 4.3 billion net to the first batch of exporters within the fifth phase of the lump-sum payout initiative of export subsidy arrears.

Cairo- Oct 10, 2022

Within the fifth phase of the lump-sum payout initiative for export subsidy arrears, the Export Development Fund (EDF) has issued payment vouchers at a value of EGP 5.4 billion (EGP 4.3 billion net) to 684 exporting companies, Minister of Trade and Industry Ahmed Samir has announced.

"The move comes according to presidential directives to support the export sector," Samir said, pointing out that it has greatly boosted exports on international markets.

The minister noted that the first batch of beneficiaries include a total of 967 companies, and the second will receive their vouchers in December.

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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