Egypt launched new phase of immediate cash payment initiative with LE 8.7B

CAIRO - 25 June 2023: Egypt’s Minister of Trade and Industry Ahmed Samir announced yesterday the issuance of certificates assistance of the first tranche of the sixth phase of the immediate cash payment initiative with a total LE 8.7 billion. The net amount will be around LE 7.4 billion.

The immediate cash payment initiative’s certificates aim to support exporters and this is within the framework of implementing the initiative in cooperation with the Ministry of Finance.

The number of applicants for the first tranche of the initiative are 1,130 exporting companies, Amany El Wesal, Executive Director of the Egyptian Export Development Fund, said.

Earlier this year, the Ministry of Finance launched the sixth phase of the immediate cash payment initiative with planned investments worth LE 10 billion.

The initiative aims to help accelerate the process of supporting exporting companies to provide them with enough cash to continue production, expand the base of exports, and reinforce the competitiveness of Egyptian products in regional and global markets.

Earlier this year, the finance ministry also allocated LE 28 billion to support exports in the next fiscal year, up from the LE 8 billion previously allocated.