The Ministry of Finance launched the sixth phase of the immediate cash payment initiative to support exporters with investments worth 10 billion EGP.

This follows the ministry’s efforts to reimburse the delayed export burdens at the Export Development Fund.

The initiative will help accelerate the process of supporting exporting companies to provide them with enough cash to continue production, expand the base of exports, and reinforce the competitiveness of Egyptian products in regional and global markets.

A 15% acceleration rate will be deducted until June 30, 2021’s shipments, and 8% for shipments from July 1, 2021 to June 30, 2022, and no discount rate will be applied to shipments from July 1, 2022 onwards. The same export subsidy rules will be applied for the fiscal year 2021/2022 to export subsidy dues for the fiscal year 2022/2023.

This comes in line with Egypt’s recent efforts to boost its economy. Egypt recently cleared imported goods worth $23 billion from ports around the country since January.

The ministry also highlighted that basic commodities, food manufacturing products, and pharmaceuticals were prioritized in the customs release process. The average monthly release of goods at customs outlets is worth around $5 billion.