The disbursement will be completed to the exporting companies benefiting from this stage in subsequent installments on July 11 and August 8.
Egypt will begin disbursing EGP 3 billion to 362 exporting companies that benefit from the instant cash payment initiative today, according to a statement by Minister of Finance, Mohamed Maait.
The disbursement will be completed to the exporting companies benefiting from this stage in subsequent installments on July 11 and August 8.
The total value of government support for exporters that was disbursed to exporting companies, from October 2019 until now, amounts to about EGP 62 billion, Maait added.
In FY2024/2025, a total of EGP 40.5 billion have been earmarked for these purposes. This allocation includes EGP 23 billion specifically designated to reduce the export burdens.
Adviser to Vice Minister for Fiscal Policies, Nevine Mansour explained that the seventh phase of the initiative will be implemented with the same previous controls.
The discount on the acceleration of payment rate of 15% will be applied until shipments of June 30, 2021, and a rate of 8% will be applied on shipments from July 1, 2021 to June 30, 2022, and no discount percentage will be applied to shipments from July 1, 2022.
Earlier in June 2024, Maait added Egypt disbursed EGP 5 billion to 360 exporting companies that benefit from the instant cash payment initiative.
In May, Maait stated that Egypt would provide EGP 8 to beneficiaries of the instant cash payment initiative in support of exporters starting from June 6.
