The beneficiaries of this program are required to have completed their paperwork for shipments by June 30, 2023.
Egypt will provide EGP 8 to beneficiaries of the instant cash payment initiative in support of exporters starting next June 6, according to a statement by Minister of Finance, Mohamed Maait.
The eligibility for this offer extends to companies that have finalized their paperwork for shipments until June 30, 2023.
The existing controls will remain unchanged, ensuring a discount of 15% on the accelerated payment rate for shipments until June 30, 2021. From July 1, 2021, to June 30, 2022, a discount of 8% will be applied.
However, no discount percentage will be applicable for shipments starting from July 1, 2022.
Maait expressed Egypt’s keenness to finance programs to stimulate economic activity, especially supporting the industrial sector and export activities, during FY 2024/2025, with a total of EGP 40.5 billion.
He added that this budget will include EGP 23 billion to recover export burdens.
During the last 4 years, Egypt supported exporters with about EGP 55 billion, Maait added.
The seventh phase of the exporter support initiative saw significant demand, with 2,500 companies submitting applications to the Ministry of Finance between March 10 and May 9 this year, Advisor Vice Minister for Financial Policies and Institutional Development, Nevin Mansour confirmed.
