Egypt offers LE 1.6B export support to 700 companies

CAIRO – 3 November 2021: The Egyptian Minister of Trade and Industry, Nevin Gamea, announced that the Export Development Fund issued 721 certificates to 700 exporting companies, with a total support amounting to LE 1.788 billion, and a net of LE 1.625 billion after deducting all tax and gas debts.

The minister explained that the provision of these financial dues comes in implementation of the presidential directives to support the export sector, and the speedy response of the export burdens due to the exporting companies, pointing out that the return of the dues of the exporters to the Fund will contribute significantly to increasing their production capacities and enhancing the competitiveness of Egyptian products in foreign markets, in light of the corona virus crisis, according to a statement.

The immediate payment initiative is an initiative launched by the Ministries of Commerce, Industry and Finance in coordination with banks, and allows the payment of 85% of the total value of dues immediately, instead of paying it in installments that may take several years, which contributes to providing cash liquidity to enable the exporting companies to fulfill their obligations towards their clients and keep employment.