He also expressed the Ministry's commitment to bolstering efforts to increase exports, aiming to reach a target of $100 billion despite the prevailing economic challenges
Minister of Finance, Mohamed Maait, stated that the government has disbursed a total value of 54.5 billion pounds in support of exporters through initiatives addressing the payment of late dues to the Export Development Fund since October 2019, Maait stated.
He also expressed the Ministry's commitment to bolstering efforts to increase exports, aiming to reach a target of $100 billion despite the prevailing economic challenges
Since the initiative launched on March 10, a total of 1,400 exporting companies have applied to the Ministry of Finance, indicating a strong interest in joining the program and receiving much-needed support.
This initiative builds upon the previous successes achieved by the Ministry of Finance in its efforts to pay arrears of support for exporters. By providing sufficient cash liquidity, these initiatives enable exporters to navigate the challenges posed by the ongoing global economic crisis with greater flexibility.
Maait revealed that the dues of exporting companies benefiting from the seventh phase of the immediate cash payment initiative will be disbursed in two installments. The first disbursement is scheduled for June 27, 2024, followed by the second disbursement on August 8, 2024.
He emphasized that companies that have completed their documentation will be eligible for the accelerated payment rates, with a 15% discount applicable to shipments until June 30, 2021, and an 8% discount on shipments between July 1, 2021, and June 30, 2022, and no discount on shipments from July 1, 2022, onwards.
To streamline the process, the Minister highlighted that financial adjustments or set-offs will be made between the "exporter support" dues and outstanding payments to state agencies for taxes, customs, electricity, and natural gas.
Mansour further explained that the disbursement of export support will be facilitated through the National Bank of Egypt, the National Bank of Egypt, Banque Du Caire, and the Egyptian Export Development Bank, streamlining the payment process for the benefit of the exporters involved.
