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Egypt pens agreements to settle overdue export subsidies with 31 companies

Egypt pens agreements to settle overdue export subsidies with 31 companies
A total of EGP 291 million worth of overdue export subsidies has been disbursed

Cairo – Mubasher: The Egyptian finance minister Mohamed Maait and the minister of trade and industry Nevine Gamea have signed agreements with 31 companies to settle overdue export subsidies.

Under the agreements, export subsidies owed by the Export Development Fund will be paid over five years to companies which will be committed to injecting new investments, setting up new production units, and expanding their production capacity, according to a statement on Monday.

The companies include Cairo Poultry, Egyptian Starch and Glucose, Panda, AGRANA Nile Fruits, Agrocorp, Farm Frites Egypt, Procter & Gamble Egypt, GoldenTex, and Hayat Egypt.

In addition, the finance ministry will sign a new batch of agreements with several comapnies to settle overdue export subsidies within days, the deputy finance minister, Ahmed Kouchouk, said.   

It is noteworthy that a total of EGP 291 million worth of overdue export subsidies has been disbursed to 12 companies at the end of December 2019, Gamea revealed.