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Egypt supports exporters with EGP 5bn – Maait

Egypt supports exporters with EGP 5bn – Maait
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Cairo – Mubasher: Egypt has allocated EGP 5 billion to support exporting companies through the seventh phase of its immediate cash payment programme, announced Minister of Finance Mohamed Maait.

The initiative has processed documentation for shipments until 30 June 2023, with disbursements to 360 firms expected to be completed in instalments by the end of August 2024, Maait added, according to an official statement.

Egypt has injected about EGP 60 billion to support exports via initiatives launched in October 2019 as part of efforts to assist the sector amid global challenges, he revealed.

The minister emphasised the government’s commitment to providing essential funding for programmes aimed at stimulating economic activity, particularly in supporting the industrial sector, export activities, and other initiatives.

Maait highlighted that a total of EGP 40.50 billion has been allocated for these programmes in the budget for the fiscal year (FY) 2024/2025, including EGP 23 billion earmarked for the expedited recovery of export burdens.

Moreover, Nevine Mansour, Advisor to the Deputy Minister of Finance for Financial Policies and Institutional Development, said settlements will offset exporter dues against taxes and utility payments owed.

Cooperation with lenders and industry officials sped up processing in the new phase, which saw strong demand, she added.