Supporting the export sector against the pandemic’s effects on exporting companies, the Export Development Fund issued 721 certificates to 700 exporting companies worth EGP 1.788 billion in its immediate disbursement of export subsidies initiative’s third phase of its second batch of support.

The amount, calculated at a net of EGP 1.625 billion after deducting all tax and gas debts, was part of presidential directives to support the export sector, explains Minister of Trade and Industry, Nevin Gamea.

Finance Minister Mohamed Maait recently announced that the initiative will launch a 4th phase later this month.

Gamea highlighted that the return of exporters’ dues to the fund will have a significant impact on increasing production capacities and enhancing the competitiveness of Egyptian products in foreign markets.

Export sales fell at the fastest pace in 17 months despite recovery in local sales, remarks IHS Markit’s recent Purchasing Managers’ Index report on Egypt.

On the other hand, trade between Egypt and the G20 countries have continued to climb, increasing by 19.4% to hit $36 billion in the first half of 2021 (1H 2021), while the Suez Canal recorded its highest monthly tonnage in its history with 112.1 million tons in October 2021.

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Launched by the Ministries of Commerce, Industry and Finance in coordination with various banks, the immediate disbursement of export subsidies initiative provides up to 85% of total value of dues owed by exporters, allowing them to pay dues such as salaries and fulfil their obligations to clients in a timely manner.