CAIRO – 27 June 2024: Egypt is set to distribute LE 3 billion to 362 exporting companies today as part of the instant cash payment initiative, as announced by Minister of Finance, Mohamed Maait.
The disbursement will be carried out in stages, with subsequent installments scheduled for July 11 and August 8.
Since October 2019, the government has provided approximately LE 62 billion in support to exporting companies.
In the fiscal year 2024/2025, a total of LE 40.5 billion has been allocated for these purposes, including LE 23 billion specifically aimed at reducing export burdens.
Nevine Mansour, Adviser to the Vice Minister for Fiscal Policies, clarified that the seventh phase of the initiative will follow the same previous regulations.
A discount rate of 15 percent will be applied to accelerate payment until June 30, 2021, followed by an 8 percent rate for shipments between July 1, 2021, and June 30, 2022. From July 1, 2022, no discount percentage will be applied to shipments.
In June 2024, Egypt had already disbursed LE 5 billion to 360 exporting companies benefiting from the instant cash payment initiative.
Furthermore, in May, Minister Maait had announced that Egypt would provide LE 8 billion in support to beneficiaries of the instant cash payment initiative, effective from June 6.
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