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Egypt receives 1,600 applications for third phase of export subsidy initiative

Egypt receives 1,600 applications for third phase of export subsidy initiative
Minister of Finance Mohamed Maait

Cairo - Mubasher: The Egyptian Minister of Finance, Mohamed Maait, said that more than 1,600 companies have applied for the third phase of the immediate disbursement of export subsidies initiative since 4 July.

Payments will be made starting from the end of September until the end of October, Maait said in a statement on Thursday.

The initiative involves the payment of subsidies owed by the Export Development Fund to exporters in a lump sum at a 15% discount instead of scheduling payments over four or five years. 

More than 2,000 companies have received EGP 16.4 billion in overdue subsidies in the first two phases of the initiative, Maait noted. 

Since October 2019, a total of EGP 28 billion has been disbursed to 2,500 exporters under several initiatives of overdue subsidy payment.