The 633 companies represent the first batch of the 5th phase of the initiative, said Minister of Finance Mohamed Maait in an official statement today
The Ministry of Finance has distributed EGP 4.5 billion to 633 companies as part of the its immediate disbursement of export subsidies initiative under the Export Development Fund.
The 633 companies represent the first batch of the 5th phase of the initiative, said Minister of Finance Mohamed Maait in an official statement today.
The EGP 4.5 billion is part of an allocated EGP 10 billion approved by the Egyptian Cabinet in late August with the aim of supporting exporters.
The initiative reflects the government’s commitment and eagerness to promote exports and encourage it to expand in investment activities, the statement added.
A total of EGP 37.50 billion was disbursed over three years through the initiative, representing unprecedented support to the country’s export sector and business community, revealed Advisor to Deputy Minister of Finance, Nevine Mansour.
The 2nd batch is set to be paid early December, said Deputy Minister for Financial Policies and Institutional Development, Ahmed Kochouk.
Kochouk added that Egypt will continue to pay export subsidy dues despite the repercussions of the Russia/Ukraine conflict, ongoing delivery and supply chain disruptions, as well as rising commodity prices and freight costs.
Mansour stated that Egypt’s non-oil export sector saw a significant increase in 2021, hitting a value of $32.40 billion.
Egyptian exports were up in July to record $3.13 billion, which CAPMAS attributed to an 89.4% surge in petroleum product exports.
In S&P’s October Global Egypt Purchasing Managers' Index (PMI), non-oil companies responded with a slightly more positive outlook, improving from August’s almost all-time low.
