Egypt launches 4th phase of lump-sum export subsidy dues payment: Finance Minister

Daily News Egypt
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Minister of Finance Mohamed Maait announced Wednesday launching the fourth phase of the lump-sum payment initiative of export subsidy dues.

In a statement, Maait said that companies wishing to join the new phase of the initiative could apply starting from 30 January to 10 February 2022, with the same conditions as the previous three phases.

This comes in implementation of the presidential directives to support the export sector, Maait said. “We continue to support exports and exporters in line with the presidential directives in this regard. The government has supported the export sector by about EGP 31bn disbursed to more than 3,000 exporting companies since the start of the initiative to pay subsidy dues to exporters in October 2019 until now. This amount of financial support to the export sector is unprecedented and reflects the state’s keenness to stimulate exports.”

Furthermore, Ahmed Kochouk, the Deputy Minister for Financial Policies and Institutional Development, said that the aforementioned initiative witnessed fruitful cooperation in its various stages between the Ministry of Finance, the Ministry of Trade and Industry, the Central Bank of Egypt, the four banks participating in the initiative, and the Export Development Fund, which contributed to its speed and efficiency.

Nevin Mansour, the Adviser to the Deputy Minister for Financial Policies, indicated that the date of the first disbursement in the fourth phase of the initiative was successfully completed when EGP 957.4m were disbursed on 28 December 2021 to 500 companies. Remaining disbursements are scheduled to be sent to the remaining beneficiaries on 28 February and 28 April 2022.

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