Cairo – Mubasher: The Egyptian Ministry of Finance said that 1,580 exporters applied to join the new initiative for the immediate disbursement of overdue export subsidies.
At the end of November, 50 companies have received EGP 1.093 billion from banks participating in the initiative, the Minister of Finance, Mohamed Maait, said in a statement on Sunday.
A total of 500 companies are expected to receive EGP 5 billion in overdue export subsidies by mid-December from the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Export Development Bank of Egypt (EBE).
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 payments will be repaid by the finance ministry over three years to the banks participating in the initiative.
About 2,500 exporting companies have benefited from the government’s initiatives related to the payment of overdue subsidies with a total amount of EGP 8.5 billion since October 2019.
