Minister of Finance Mohamed Maait and Minister of Trade and Industry Nevine Gamea agreed with representatives of 41 local and foreign exporting companies to disburse their export subsidies from the Export Development Fund as per President Abdel Fattah Al-Sisi’s directions to support economic and export sectors.
These subsidies aim to maximise productive capabilities of those compnies, especially during the Covid-19 outbreak, besides retaining workers with full compliance with precautionary measures.
Maait pointed out that the 41 new beneficaries will get 30% of their export subsidies at a minimum of EGP 5m each before the end of the current fiscal year 2019/20.
These agreements come as a continuation of the government’s supportive efforts to the export sectors, he added, noting that 77 local and foreign companies so far have received their export subsidies to enhance competitiveness of Egyptian products globally.
The minister stressed that exporters can receive their subsidies without tax clearance certificates during the coronavirus crisis.
For her part, Minister Nevine Gamea said the exceptional initiatives and measures taken by the government to support exporting companies since the start of Covid-19 crisis, aimed at providing manufacturers with financial liquidity necessary for continued production and export as well as maintaining their labour force.
The minister revealed that 2,056 companies will receive soon EGP 2.900bn in export subsidies electronically.
Gamea pointed out that the Export Development Fund has disbursed EGP 2.133bn in export subsidies from January to April.