Egypt supports export sector with LE 28B since beginning of "refund of arrears" initiative

CAIRO – 29 June 2021: Finance Minister Mohamed Maait confirmed that more than 2,000 exporting companies spent about LE 16.4 billion during the previous two phases of the immediate cash payment initiative for overdue dues with the Export Development Fund.

The minister indicated in a statement Tuesday, that since the beginning of the implementation of the initiatives to return the “arrears” of the dues of the exporting companies in October 2019, so far, the exporting companies have been supported with LE 28 billion; It is a subsidy that has not previously been allocated to the export sector; reflecting the state's keenness to stimulate exports.

Nevin Mansour, advisor to the Deputy Minister of Finance, said that the previous five initiatives put forward by the government to pay the overdue amounts to support exporters at the Export Development Fund benefited 2,500 exporting companies, pointing out that these initiatives effectively contributed to providing the necessary cash liquidity to the exporting companies in a way that ensures the continuation of the production wheel. .

She explained that the fruitful cooperation with the banking sector, the Ministry of Trade and Industry and the Export Development Fund in the first and second phases of the "immediate cash payment" initiative, contributed to the success of one of the fastest initiatives implemented to return the "overdue amounts to support exporters" at the Export Development Fund to the exporting companies.