CAIRO - 5 June 2024: Minister of Finance, Mohamed Maait, announced that Egypt is set to disburse LE 5 billion to 360 exporting companies participating in the instant cash payment initiative starting tomorrow.
The disbursement will be made in multiple installments, with subsequent payments scheduled for June 27 and August 8. It is estimated that the total value of disbursements for this stage will reach LE 10 billion.
Minister Maait reaffirmed that the government's support for exporting companies over the past four years amounts to approximately LE 55 billion.
Once the allocated funds for the Instant Cash Payment initiative are disbursed, this figure is expected to increase to LE 70 billion.
The minister emphasized the government's commitment to allocating funds for various programs aimed at stimulating economic activity, particularly in the industrial sector and export-related activities.
For the fiscal year 2024/2025, a total of LE 40.5 billion has been designated for these purposes, with LE 23 billion specifically allocated to alleviate the burdens faced by exporters.
In May, Maait had previously announced that starting from June 6, Egypt would provide LE 8 to beneficiaries of the instant cash payment initiative in support of exporters.
Companies that have finalized their shipment paperwork until June 30, 2023, are eligible for this support.
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