Maait revealed that EGP 33 billion has been disbursed to over 2,500 export companies under the initiative from the Export Development Fund since October 2019
In the 4th phase of the government’s immediate disbursement of export subsidies initiative, exporters will only see 8% off from subsidies on shipments made from July last year, down from 15%, explained Minister of Finance Mohamed Maait. Exporters can expect to receive payments on April 28.
Maait revealed that EGP 33 billion has been disbursed to over 2,500 export companies under the initiative from the Export Development Fund since October 2019. Beside this initiative, the cabinet approved five other initiatives since October 2019 to settle exporters’ arrears.
“Despite the ongoing global economic challenges, the government continues to support the export sector under the president’s directives by availing the liquidity that enables companies to fulfil their financial obligations and preserve their workforce. The world is facing an unprecedented wave of inflation owing to supply chain disruptions and the sharp increase of commodities and shipping costs, which all impose pressures on the state’s budget,” explained the minister.
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The export subsidies initiative, launched in November 2021, is a combined effort to support exporters during the pandemic, providing exporters with overdue subsidies in a single payment rather than in installments over four to five years.
