Egypt’s immediate payment initiative to support exporters during the pandemic through the Export Development Fund has amounted to LE 4.6 billion and a net of LE 4.3 billion, after deducting all tax and gas debts, according to Minister of Trade and Industry, Nevine Gamea.

The total amount disbursed from the fund was said to be around LE 27 billion since the launch of the government's initiatives to pay the overdue dues to the exporting companies.

The fund has so far issued 1,186 certificates to 925 exporting companies.

The minister noted that the number of applicant companies reached 1601, as part of the implementation of the second phase of the exporters' immediate payment initiative.

Gamea pointed out that certificates were issued to ease the exporting companies’ burdens and maximize their benefit from the initiative.

Provision of these financial dues comes in implementation of the presidential directives to support the export sector, and the speedy response of the export burdens due to the exporting companies, Gamea added.

By returning the dues of the exporters to the fund, exporters will contribute significantly to increasing their production capabilities and enhancing the competitiveness of Egyptian products in foreign markets, especially in light of coronavirus crisis, she explained.

The immediate payment initiative was launched by the Ministries of Trade and Finance, in coordination with various banks, to allow for the payment of up to 85 percent of the total value of the dues, rather than paying in installments.

This was meant to contribute to providing cash liquidity to enable the exporting companies to fulfill their obligations towards their clients and keep employment.