Finance Minister announces payment of LE 7.5B to 750 companies, part of Immediate Cash Export initiative’s sixth phase

CAIRO - 13 July 2023:  The Minister of Finance, Mohamed Maait, stated that LE 7.5 billion were paid to 750 companies as part of the first batch of the sixth phase of the immediate cash export payment initiative, according to a statement made on Wednesday. 

Advisor to the Deputy Minister of Finance for Financial Policies and Institutional Development, Nevine Mansour, explained that the disbursement of the dues will take place through the National Bank of Egypt, Banque du Caire, and Export Development Bank.  

Maait added that the distribution of the second batch will take place between 19-20 July, while the third batch will be on the 2nd and 3rd August, and on the condition that the beneficiary companies followed the procedure of submitting the required documents. 

The immediate cash export initiative was developed by the Ministries of Trade and Industry, and Finance in partnership with several banks.  The initiative targets the payment of 85 percent of total value immediately instead of several installments, to enhance cash liquidity, and allow exporting companies to fulfill their requirements. 

Mansour stated that more than LE 42.5 billion were already paid for exporting companies, through the Export Development Fund. Mansour also noted that the initiative focuses on providing cash liquidity and supporting export companies to grow their production and exports. 

According to CAPMAS earlier this month, exports dropped 44.9 percent, which is most likely attributed to a decrease in natural and liquid gas exports, while the trade deficit dropped by 49 percent in March.