Cairo – Mubasher: The Egyptian Ministry of Finance will begin receiving applications from exporters willing to benefit from the new initiative for the immediate disbursement of overdue export subsidies starting from November.
Under the initiative, exporters will receive their subsidies owed by the Export Development Fund in a lump sum before the end of 2020 after deducting 15% of the total amount instead of spreading the payment over four to five years, the Minister of Finance, Mohamed Maait, said in a statement on Wednesday.
The finance ministry will issue a guarantee to the Central Bank of Egypt (CBE) to provide subsidy arrears owed by the Export Development Fund for the companies willing to receive their dues immediately with a 15% reduction. The payments will be repaid by the finance ministry over three years to the banks participating in the initiative.
A total of 2,351 exporting companies have benefited from the government’s initiatives related to the payment of overdue subsidies with a total amount of EGP 3 billion.