Cairo - Mubasher: Egypt will launch the third phase of the immediate disbursement of export subsidies initiative from 4 July to 29 July, Minister of Finance Mohamed Maait said.
He revealed that more than 2,000 exporting companies received about EGP 16.4 billion in overdue export subsidies in the two phases of the immediate disbursement of export subsidies initiative, according to a statement on Tuesday.
The initiative, launched by the Ministry of Trade and Industry and the Ministry of Finance in coordination with banks, includes 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 years.
A total of EGP 28 billion has been disbursed in overdue export subsidies owed by the Export Development Fund since the launch of the first export subsidy payment initiative in October 2019, Maait added.
For her part, Minister of Trade and Industry Nevine Gamea noted that 2,500 exporting companies benefited from the last five export subsidy payment initiatives launched by the government.
