Finance Minister Mohamed Maait said that more than EGP 2bn of export subsidy arrears was disbursed from the Export Development Fund in April and May, and more EGP 1bn is set for payment in June.
Maait added that the total export subsidy arrears disbursed from July 2019 to May have amounted to EGP 5.2bn.
The minister noted that this financial subsidy would contribute to providing liquidity to exporting companies during the coronavirus crisis to boost production and retain employment while taking all precautionary measures.
The ministry will continue to provide funds every month to the Export Development Fund to pay export subsidy arrears in implementation to the initiative approved by the Prime Minister, namely payment of 30% of those arrears to exporters with a minimum of EGP 5m for each firm, Maait elaborated.
Exporters can receive their subsidy arrears from the Export Development Fund without submitting their tax certificates during the pandemic.