Minister of Trade and Industry Ahmed Samir announced that 684 companies received EGP 5.4bn in the framework of the lump-sum payment initiative of export subsidy dues. The net subsidies reached EGP 4.3bn after deducting taxes and debts.
The minister added that the number of companies included in the first batch of the fifth phase of the initiative amounted to 967.
Samir noted that the provision of these dues comes in implementation of the presidential directives to support Egypt’s export sector.
He pointed out that disbursing dues of exporters is a major factor in increasing production capacities of exporting companies and enhancing the competitiveness of Egyptian products in foreign markets, especially in light of successive economic crises that countries of the world are currently experiencing.
For her part, Amani Al-Wasal, CEO of the Export Development Fund, stated that this batch benefited all export sectors, noting that the second batch of the fifth phase will be disbursed in December.
The initiative was launched by the Ministries of Trade and Industry, and Finance in coordination with several banks in Egypt. The initiative allows for the payment of 85% of the total value of dues immediately, instead of instalments over several years. This contributes to providing cash liquidity to enable exporting companies to fulfil their obligations towards clients and keep their employees.