U.S. dollar banknotes are pictured at a currency exchange office in Diyarbakir, Turkey, November 17, 2017. REUTERS/Sertac Kayar/File Photo
CAIRO - 3 February 2020: The Finance and Trade ministries signed on Monday 31 agreements with representatives of local and foreign companies to settle their arrears owed by the Exports Development Fund.
The move comes in implementation of the government's initiative to settle within five years arrears of companies seeking to expand or increase their investments in the markets.
Under the initiative, those companies will be obliged to pump new investments in the markets and set up new production lines, according to a statement by the Trade and Industry Ministry.
Trade and Industry Minister Nevin Gamae said the fund paid 291 million pounds to 12 exporting companies under the initiative.
She added that the exports councils will be re-formed to increase exports and open new foreign markets to Egyptian exports.
She added that the exports program will be periodically examined to meet the demands of both exporters and the government alike.