- Dr. Mohamed Maait, Minister of Finance, said that tomorrow, Thursday, a new batch of support for exporters will begin to be disbursed, to support them in facing external and internal challenges, by pumping more cash liquidity that will help them enhance their production and export activities.
- Maait said, in a statement today, that the total value of government support to exporters that was disbursed to exporting companies, during the last four years since the start of initiatives to pay late dues to the Export Development Fund in October 2019 until now, amounts to about 55 billion pounds for exporters, and rises to 70 billion pounds. pounds, with the disbursement of the appropriations allocated for the seventh phase of the immediate cash payment initiative.
- He added that 360 exporting companies from the beneficiaries of the seventh phase of the initiative, which have completed their documents up to the shipments of June 30, 2023, will begin disbursing tomorrow, Thursday, 5 billion pounds, the value of the export support due, provided that the disbursement to the exporting companies benefiting from this phase will be completed in subsequent installments on June 27 of this month, and the next day. August 8, 2024, with an expected estimated value that will reach 10 billion pounds.
- He added that financial adjustments or clearing will be made between exporters’ support dues, and state authorities’ dues from taxes, customs, electricity and natural gas, stressing the government’s keenness to provide the necessary funding for programs to stimulate economic activity, especially supporting the industrial sector and export activities, and other initiatives, in the fiscal year budget. Next, a total of 40.5 billion pounds, including 23 billion pounds to continue the rapid recovery of export burdens.
- For her part, Nevin Mansour, Advisor to the Deputy Minister for Financial Policies and Institutional Development, indicated that the fruitful cooperation with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund had a great impact on the success of the immediate cash payment initiative to support exporters in its six stages, and an impetus to complete the process of supporting exports in this stage. Seven.
- She explained that the seventh phase of the initiative to support exporters witnessed a remarkable response from exporting companies.
- She said that the seventh phase of the initiative is being implemented with the same previous controls, so that a discount on the accelerated payment percentage of 15% will be applied until shipments of June 30, 2021, and a percentage of 8% on shipments from July 1, 2021 to June 30, 2022, and no discount percentage will be applied on shipments from July 1, 2022.
- She confirmed that export support is disbursed through the initiative of the National Bank of Egypt, the Bank of Egypt, the Cairo Bank, and the Egyptian Export Development Bank.
