Thursday 19 backend.Sep
Minister of Finance, Ahmed Kouchouk said that the Egyptian government will disburse a new installment of 1.9 billion Egyptian pounds to 560 exporting companies on Thursday. This is part of the seventh phase of the 'Immediate Cash Payment' initiative aimed at supporting the export sector.
With this injection, a total of 1,590 companies have now benefited from the initiative, receiving a combined 13 billion Egyptian pounds in export support since June 2024. The government aims to bolster the export sector, provide liquidity, and enhance the competitiveness of Egyptian products in global markets.
Since launching initiatives to
settle arrears owed by the Export Development Fund in October 2019, the
government has disbursed approximately 66.9 billion Egyptian pounds to
exporters. To further streamline the process, the government will also
implement financial settlements or offsets between exporter support dues and
government agency payments for taxes, customs, electricity, and natural gas.
The minister indicated that Egypt
has allocated 23 billion Egyptian pounds in the current fiscal year to boost exports
and incentivize investors to expand their export operations. The government
aims to alleviate the financial burdens faced by exporting companies.
Neveen Mansour, advisor to the Deputy Minister for Financial Policies and Institutional Development, announced that the latest installment of the seventh phase of the 'Immediate Cash Payment' initiative will be disbursed through the National Bank of Egypt, Bank of Egypt, Banque du Caire, and the Export Development Bank of Egypt. This phase aims to provide much-needed liquidity to exporters, enabling them to increase production and exports amidst the challenging global economic climate.
