During the fifth stage of the initiative, EGP 7 billion was disbursed out of a total allocated EGP 10 billion
Egypt has distributed EGP 40 billion to support exporters in the past 30 months under the immediate cash payment initiative, Minister of Finance Mohamed Maait announced in a statement last week.
"We continue supporting the export sector to set the stage for industry and production and to achieve what was announced by President Abdel Fattah El Sisi to up exports to $100 billion," he added.
During the fifth stage of the initiative, EGP 7 billion was disbursed out of a total allocated EGP 10 billion according to Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk.
More than 435 export companies are paying back their dues to the Exports Development fund as part of the second batch of beneficiaries under the fifth phase of the immediate cash payment initiative to support exporters, so far reaching EGP 2.5 billion as of December 8.
The remaining exporting companies will benefit from the initiative under the fifth phase in mid-December, the minister said.
The positive impact of the initiative has increased non-oil exports by 29.1% in FY2021/2022, explained Nevine Mansour, Advisor Deputy Minister of Finance for Economic Affairs.
Mansour also pointed out that the payment procedures are carried out through four banks, namely National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Export Development Bank of Egypt (EBank).
