Egypt disbursed a total of EGP 70 billion to approximately 2,500 exporting companies under the Export Burden Rebate Program over the past five years, starting from 2019, according to a statement released by the Cabinet.

Minister of Investment and Foreign Trade, Hassan El-Khatib, stated during a meeting chaired by Prime Minister Mostafa Madbouly on Monday to review the program’s progress, that 685 companies have completed their documentation and are ready to receive their dues under the new export rebate mechanism through the Export Development Fund.

 The Prime Minister directed the swift disbursement of these companies’ dues and requested weekly progress reports on this matter to monitor updates.

The government is working to strengthen its plans to double exports in targeted sectors and create real opportunities for exporters in regional and global markets, according to previous statements by the Prime Minister.

Officials from export councils noted that the new program introduces changes to the percentages of foreign currency proceeds exporters must surrender.

For example, the minimum surrender percentage is now set at 40% for the engineering industries sector and up to 70% for the agricultural products sector.

During the meeting, El-Khatib also revealed that the government is studying export rebate programs in other countries to develop a comprehensive vision that will be presented to exporters for consultation.

Mohamed El-Homsany, the official spokesperson for the Prime Minister’s office, stated that the meeting included a review of ongoing efforts by relevant authorities to settle overdue payments owed to exporting companies.

Finance Minister, Ahmed Kouchouk presented several proposals for mechanisms to settle the remaining overdue payments during the meeting. The Prime Minister requested that these mechanisms be presented to the Cabinet for approval and expedited implementation.

Earlier this month, the Finance Minister announced that the government is developing an ambitious program to support export activities in the coming years, aiming to achieve set targets while addressing exporters’ needs. Additionally, the government is exploring initiatives to support industrial sectors and the transition to clean energy.