Minister of Finance Ahmed Kouchouk announced the successful disbursement of the first 50% of overdue export subsidies under the new Cabinet-approved mechanism for settling overdue receivables owed to exporters by the Export Development Fund (EDF). This tranche covers export shipments made up to the end of June 2024.
A total of 601 exporting companies received EGP 368m through this phase, in addition to amounts previously paid out on August 12. Kouchouk emphasized that the Ministry remains committed to providing the necessary liquidity to support export growth and enhance the global competitiveness of Egyptian products.
He noted that the current fiscal year includes a record EGP 45bn allocation for the new export support and drawback program—double the amount allocated in previous years. The program is designed to reimburse exporters within three months of completing the required documentation and forms part of a broader Cabinet initiative to accelerate the settlement of overdue EDF receivables.
The initiative builds on previous successes coordinated with the Ministry of Investment and Foreign Trade, particularly since the launch of the Immediate Cash Payment Initiative in 2019. Across seven phases, that program has supported nearly 3,000 exporters, disbursing a total of approximately EGP 75bn.
Nevine Mansour, Advisor to the Minister of Finance for Economic Institutions Affairs, confirmed that the first tranche was disbursed through four banks: the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Export Development Bank of Egypt (EBank).
She added that, in coordination with the Central Bank of Egypt (CBE), exporters without accounts at these designated banks were able to receive payments through other banks, with no administrative fees charged for the transfer of certificate values.
