The minister notes that the initiative was popular with exporters, and a reflection of the government’s success in achieving their desired goals
The Ministry of Finance has spent more than LE 21 billion in supporting the export sector and exporters, says Minister of Finance, Mohamed Maait.
The minister revealed on Monday that the government’s efforts through six separate initiatives in supporting exporters and the export sector amount to LE 21 billion, with 1,069 companies benefiting from the most recent initiative. The companies disbursed all overdue sums to the Export Development Fund before the year 2021.
Maait added that all export companies that benefiting from the latest initiative paid all late export support funds with the Export Development Fund during November and December of 2020, at a total value of LE 13 billion. The minister notes that this would indicate that the initiative was popular with exporters, and a reflection of the government’s success in achieving their desired goals.
Around 2,500 exporting companies benefited from previous initiatives by the government to pay back sums to support exporters with the Export Development Fund, according to the minister, at a total of around LE 8 billion, with LE 5.6 billion disbursed during the last fiscal year, and LE 2.4 billion from July 1 to November 25.
The initiatives have effectively contributed to providing necessary cash liquidity for exporting companies, ensuring continuation of production, increasing production capabilities, expanding export base, and enhancing Egyptian products’ competitiveness in global market.
