Egypt’s Minister of Finance Mohamed Maait has announced that the Egyptian Government will continue to pay overdue amounts to exporting companies with the Export Development and Support Fund.
The repayments will take place through the second phase of the immediate cash payment to support the government to exporters initiative.
Maait added that last week, a total of EGP 2.16bn was distributed to 506 exporting companies that joined the second phase of the initiative, in addition to EGP 210m to 43 companies on 28 February. Another tranche is set to be distributed on 17 June.
The minister indicated that the state continues to stimulate Egyptian industry and the export sector, to enhance the country’s competitive strength.
A total of EGP 4.2bn has been allocated to support exports in the budget for the new fiscal year, alongside EGP 6bn to pay banks’ instalments in the “early payment to exporters” initiative.
Maait explained that the government spent about EGP 25.5bn through six initiatives over a period of 18 months, to support the export sector and exporters.