Over 1,190 companies of various export sectors applied for the initiative’s second tranche, explained the executive director of the Export Development Fund, Amani Al-Wasal
Egypt’s Export Development Fund has issued certificates for the second tranche of the sixth phase of the immediate disbursement of export subsidies initiative with a total of EGP 4.7 billion, Minister of Trade and Industry Ahmed Samir announced on Saturday.
Executive director of the Export Development Fund, Amani Al-Wasal, stated in an official Ministry of Trade statement that 1,193 companies of various export sectors applied for the initiative’s second tranche.
The initiative, implemented in collaboration between the Ministries of Finance and Trade in partnership with several banks, aims to alleviate the financial burdens faced by exporting companies.
The cabinet approved allocating an additional EGP 2 billion ($64.73 million) for the sixth phase of the initiative earlier this month, bringing total funding for the sixth phase of the immediate disbursement of export subsidies initiative to EGP 12 billion.
In July, advisor to the Deputy Minister of Finance for Financial Policies and Institutional Development, Nevine Mansour, stated that the Export Development Fund disbursed over EGP 42.5 billion since the initiative’s launch.
The fund began distributing EGP 8.7 billion under the first tranche of the sixth phase on the 5th of July.
Egypt’s trade deficit climbed by 4.3% in May 2023, with exports declining by 20.9% in value to reach $3.38 billion. Egypt is aiming to increase total annual exports to $100 billion by 2030.
