CAIRO – 21 May 2024: Minister of Finance, Mohamed Maait, announced that Egypt will allocate LE 8 billion to assist exporters through the Instant cash payment initiative starting from June 6.
The beneficiaries of this program are required to have completed their paperwork for shipments by June 30, 2023.
The current regulations will remain unchanged, providing a 15% discount on accelerated payment rates for shipments until June 30, 2021. From July 1, 2021, to June 30, 2022, a discount of 8% will be applicable.
However, starting from July 1, 2022, no discount percentage will be applied.
Maait emphasized Egypt’s commitment to funding programs that boost economic activity, particularly in supporting the industrial sector and export endeavors during the fiscal year 2024/2025. A total of LE 40.5 billion will be allocated for this purpose, including LE 23 billion to alleviate export burdens.
Over the past four years, Egypt has provided approximately LE 55 billion in support to exporters, as stated by Maait.
The seventh phase of the exporter support initiative received applications from 2,500 companies between March 10 and May 9 of this year, Advisor Vice Minister for Financial Policies and Institutional Development, Nevin Mansour confirmed.
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