The ministry is committed to supporting the export sector, in line with presidential directives, towards boosting the value of annual exports to $100 billion in the coming three years.
Egypt’s immediate disbursement of export subsidies initiative will be launching a 4th phase, starting next month, as the government aims to grow the value of annual exports to $100 billion in the next 3 years.
Finance Minister Mohamed Maait announced earlier today that the initiative would be expanding into its 4th phase, pointing out under the first two phases of the initiative, more than 2,000 companies received about EGP 16.5 billion in subsidies.
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Around EGP 750 million has been distributed to over 500 companies in collaboration with the Ministry of Trade and Industry, the Central Bank of Egypt (CBE), participating banks, and the Export Development Fund, bringing the total value of subsidies paid to exporters under the third phase of the initiative to EGP 1.550 billion since July 2021.
Maait stated that the Ministry of Finance is committed to supporting the export sector, in line with presidential directives, towards boosting the value of annual exports to $100 billion in the coming three years.
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The initiative, launched by the Ministry of Trade and Industry and the Ministry of Finance in coordination with banks, includes the payment of subsidies owed by the Export Development Fund to exporters in a lump sum at a 15% discount instead of scheduling payments over years.
Egypt’s trade balance deficit fell by 14.6%, recording $2.88 billion in July 2021, compared to July 2020’s $3.37 billion, announced the Central Agency for Public Mobilization and Statistics (CAPMAS) in its latest data report.
