Cairo – Mubasher: The Egyptian government spent more than EGP 21 billion in a year to support exporters, the Minister of Finance, Mohamed Maait, revealed.
A total of six initiative were launched to support exporters, including the immediate disbursement of export subsidies, which includes the payment of subsidies 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, Maait added in a statement on Monday.
During the last three months of 2020, 1,069 exporting companies obtained EGP 13 billion in overdue export subsidies.
The five other initiatives included the payment of EGP 5.6 billion of subsidies during fiscal year 2019/2020 and EGP 2.4 billion from 1 July until 25 November 2020.
