Egypt’s immediate payment initiative for exporters begins its 3rd phase, states Minister of Trade and Industry Nevine Gamea.

The initiative, established to support exporters affected by the pandemic, has issued over 330 certificates so far, totaling at around EGP 874.8 million.

Gamea previously stated in a July statement that the fund has disbursed around EGP 27 billion since its launch to pay the overdue dues to the exporting companies.

Provided by the Export Development Fund, Gamea explained that the availability of these financial benefits is in implementation of the presidential directives to support the export sector with the aim of a speedy recovery for Egypt’s export sector.

She added that the initiative supports increasing Egyptian products’ competitiveness in foreign markets, which is particularly important in light of the effects of the ongoing pandemic.

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The immediate payment initiative is an initiative launched by the ministries of Trade, Industry and Finance in coordination with banks that allows 85% of the total value of the receivables immediately, instead of paying them in installments that take several years. This provided cash that enabled exporting companies to fulfill their obligations to their customers and maintain employment.