The Export Development Fund has distributed EGP 42.5 billion in overdue fees to over 2.5k exporters through the program since 2019
Egypt concluded the fifth phase of its export subsidy program on Thursday, disbursing a total of EGP 2.5 billion to 584 exporters, according to an official statement by the Finance Ministry.
The fifth phase of Egypt’s immediate cash payment initiative saw more than 1.6k exporters receive a total of EGP 9.7 billion in overdue fees, explained Finance Minister Mohamed Maait. This is around EGP 300 million out of EGP 10 billion allocated to the initiative.
The Export Development Fund has distributed EGP 42.5 billion in overdue fees to over 2.5k exporters through the program since 2019.
Implemented in collaboration with the banking system and participating banks, the initiative allows instant and cash repayment of the entirety of export companies’ subsidies and fees in a single payment rather than in installments from the Export Development Fund.
“We continue to support the export sector to deliver more stimulating support for industry and production by rapidly reimbursing export support to export companies, which helps maintain employment, and raise export rates,” said Deputy Finance Minister Ahmed Kouchouk.
