Egypt pays LE6B dues to exporters during 2019/20

CAIRO – 20 July 2020: Up to LE 6 billion were spent from the state budget to the Export Development Fund during the fiscal year 2019/2020 to return the late export burdens of the exporters according to the presidential mandates, Minister of Finance Mohamed Ma’it said Monday.

Ma’it explained in a statement, that this came in the manner that helped pay the late dues of 1,667 exporting companies, and provide them with cash, especially in light of the Coronavirus crisis, by what they can pump into production and retain employment with full commitment to all precautionary measures and preventive measures to ensure continued results of economic reforms, and improve economic performance indicators.

The minister added that the state is committed to returning the late export burdens of exporters since 2012, and the government has made tangible progress in this regard, with fruitful cooperation between the ministries of finance, trade and industry.

Ma’it indicated that LE 7 billion has been allocated to support exports in the budget for the current fiscal year 2020/2021, so that funds continue to be available every month to the Export Development Fund so that it can pay the arrears due to exporters by completing the initiatives agreed by the Prime Minister, which is being implemented by a team Jointly from the Ministry of Finance, Trade and Industry.

“At the forefront is the initiative to pay 30 percent of the arrears due to exporters at the Export Development Fund with a minimum of 5 million pounds each, the initiative of small investors with a maximum of LE 5 million, the investment initiative, and clearing with taxes and customs,” he clarified.

The minister said that the response to the late export burdens of the companies exporting to the Export Development Fund contributes to encouraging industry, stimulating production, maximizing production capabilities, and expanding the export base in a way that helps to move the economy, raise growth rates and create new job opportunities.