The initiative contributed to Egyptian exports exceeding the $31 billion barrier said Minister of Trade Nevine Gamea
As of December 30 2021, Egypt’s Export Development Fund recorded a disbursal of a total of EGP 20.6 billion under its immediate disbursement of export subsidies initiative to around 1,751 companies.
In a statement by the Ministry of Trade and Industry, the Export Development Fund issued 465 new certificates to 455 exporting companies as part of its recent 4th phase, totaling at EGP 957.4 million.
The initiative contributed to Egyptian exports exceeding the $31 billion barrier, which is expected to do so by the end of the year, explained Minister of Trade Nevine Gamea.
In a combined effort to support exporters during the pandemic, the initiative was launched by the Ministries of Trade and Finance in November 2020, alongside the Central Bank of Egypt and several partnering banks.
In the first phase of the initiative, the fund distributed a total of EGP 13.2 billion to 1069 companies. The second phase distributed to 923 companies a total support worth EGP 4.6 billion, with the third phase reaching EGP 1.8 billion to over 700 companies.
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Egyptian exports jumped by 40% in the first 9 months of 2021, recording $29.7 billion in the January-September months of 2021, while non-petroleum exports jumped by 26% year-on-year (YoY), reaching $26.9 billion during the first 10 months of 2021.
The immediate disbursement of export subsidies initiative distributes a lump sum at a 15% discount to exporters to enable them to pay dues immediately rather than scheduling payments over years.