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Finance, Trade Ministers announce launch of new cash payment initiative for exports
3 February 2022  -  Sector :  -  Entity :  -  Category : Trade News

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The new cash payment initiative for export shipments will be implemented as of July 1, 2021, with an 8% accelerated payment discount instead of the current 15%.

Cairo- Feb 3, 2022

Minister of Finance Mohamed Maait and Minister of Trade and Industry Nevine Gamea have announced, at a joint meeting, launching the new cash payment initiative for export shipments as of July 1, 2021, with an 8%  accelerated payment discount instead of the current 15%.

All export sectors will be able to benefit from the initiative, the two ministers said.

The government, Maait pointed out, has supported the export sector with some EGP 31 billion for 3,000 exporting companies since the start of the lump sum payout initiative for export subsidy arrears in October 2019, where the fourth phase is currently being completed.

“The initiatives launched by the government over the past two years to support the sector boosted Egypt’s exports last year, pushing the $32-billion barrier for the first time,” Gamea noted.

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