Cairo – Mubasher: Egypt’s Minister of Finance, Mohamed Maait, said the ministry has disbursed EGP 4.50 billion to 633 exporting companies as part of the immediate cash payment of the export subsidies initiative.
These companies represent the first batch of the 5th phase of the initiative, according to an official statement on Wednesday.
The EGP 4.50 billion disbursement is part of the EGP 10 billion approved by the cabinet last August to be allocated to support exporters under the immediate disbursement of export subsidies initiative, reflecting the government’s commitment and keenness to promote the exporting sector and encourage it to expand in investment activities.
Deputy Minister for Financial Policies and Institutional Development, Ahmed Kochouk, said the second batch of disbursement will be paid at the beginning of next December.
The country will continue to pay export subsidy dues despite the global challenges resulting from the war in Europe, followed by disrupting delivery and supply chains and surges in commodity prices and freight costs, Kochouk noted.
Advisor to Deputy Minister of Finance, Nevine Mansour, said a total of EGP 37.50 billion was disbursed over a period of three years to subside exports, representing unprecedented support to the country’s export sector and business community.
Mansour stated that Egypt’s non-oil export sector saw a significant increase in 2021, hitting a value of $32.40 billion.
