The Information Technology Industry Development Agency (ITIDA) has approved the dispersal of dues to the second group of Egyptian companies under the Export IT Program.
ITIDA said that almost EGP 11.9m has been approved for the second batch of companies, and will be paid out to 27 medium-sized companies. ITIDA explained that of the 27 companies, eight have joined the programme for the first time.
A total of 52 companies have benefited from the programme so far, with a total amount of just over EGP 17m in export rebates having been given to the first and second groups combined.
The Export-IT programme forms an integral part of ITIDA’s strategy, supporting local ICT exporting companies, aiming at increasing their competitiveness whilst also helping reduce export-related costs.
Export-IT was first launched in 2010 to help Egyptian companies grow their exports of IT and Information Technology Enable Services (ITES) products and services. Since its inception, the programme has provided roughly EGP 350m in support to over 185 local companies.
It has contributed to an increase in the volume of IT exports, achieving a total of EGP 6.2bn in revenues through the programme’s previous rounds.
ITIDA clarified that a total of 165 companies have applied for the programme companies, of which 113 provided their export transactions and supporting documents.
ITIDA has brought forward the distribution procedures for Export-IT cash support, with the procedures having started in April, instead of June. Priority has been given to micro and small companies.
The acceleration of the process was part of a list of urgent measures taken by the Ministry of Communications and Information Technology and ITIDA to revive Egypt’s IT market. It was also designed to support local companies, and counteract the negative impact and global market slowdown caused by the ongoing coronavirus (COVID-19) crisis.