Egypt’s Minister of Trade and Industry Nevine Gamea has announced that the Export Development Fund has so far has spent a total of EGP 27bn under the lump-sum payment initiative of export subsidy dues.
She added that 925 exporting companies benefited from the initiative after being extended from January to April, receiving EGP 4.3bn after deducting all taxes and gas debts.
Gamea explained that the provision of these dues comes in implementation of the presidential directives to support Egypt’s export sector.
She pointed out that paying export subsidy dues will contribute significantly to increasing the benefited companies’ production capabilities and enhancing the competitiveness of Egyptian products in foreign markets. This is especially given the economic repercussions of the novel coronavirus (COVID-19) crisis.
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.