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.