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Four banks to pay EGP 23bn overdue export subsidies

Four banks to pay EGP 23bn overdue export subsidies
EBE has already paid EGP 800 million in export subsidies
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By: Islam Fadl

Cairo – Mubasher: The Central Bank of Egypt (CBE), the Ministry of Finance, and the Ministry of Industry and Trade signed a protocol with four banks to pay overdue subsidies to exporters, the Chairman of Export Development Bank of Egypt (EBE), Mervat Sultan, said in an interview with Mubasher.

EBE, the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire agreed to pay exporters EGP 23 billion or 85% of their due subsidies in a lump sum, Sultan added.

Under the new initiative for the immediate disbursement of overdue export subsidies, NBE, EBE will each pay EGP 8 billion, while Banque Misr and Banque du Caire will disburse EGP 5 billion and EGP 2 billion, respectively, she revealed.  

EBE has already paid EGP 800 million in export subsidies, she added, noting that the exporter will receive their dues following the approval of the Export Development Fund.

The finance ministry will issue a guarantee to the 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.