Earlier this month, it was revealed that the initiative issued over 720 certificates to over 700 exporting companies worth EGP 1.788 billion
Egypt’s immediate disbursement of export subsidies initiative distributed around EGP 30 billion to support over 2,500 exporters do far, revealed Finance Minister Mohamed Maait in a statement today.
In the statement, the minster noted that the 4th phase of the initiative with the Export Development Fund saw a remarkable turnout since its launch in early November, reflecting its continued success.
There is a presidential mandate to quickly return the delayed export burdens of the Export Development Fund to the exporting companies, enhancing their ability to expand production activities and maximize exports to various global markets, Maait noted.
Minister of Trade and Industry, Nevine Gamea, recently issued 2 decrees terminating support on import duties on iron billets, steel rebar, and aluminum products.
Earlier this month, Gamea revealed that its immediate disbursement of export subsidies initiative issued over 720 certificates to over 700 exporting companies worth EGP 1.788 billion.
The export subsidies initiative was launched in cooperation with the banking sector to provide overdue exporting burdens/fees at a rate of 85% in order to support exporters in maintaining production, increasing job creation, expanding the export base, and enhancing the competitiveness of Egyptian products in global markets.
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Together, these are meant to help the advancement of the national economy, raise growth rates, attract new investments, and maximize public revenues to achieve comprehensive and sustainable development in various sectors.
