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Finance: disbursement of 800 million pounds to support exports to 302 companies

The Ministry of Finance announced that the exporters benefiting from the third phase of the “immediate cash payment” initiative had paid their arrears with the Export Development Fund, amounting to 800 million pounds to 302 companies, and another group of exporters benefiting from this phase of the initiative is scheduled to receive their dues on October 28.


The ministry confirmed, in a press statement, today, Friday, that it is doing its best in cooperation with the Ministry of Trade and Industry, the Central Bank of Egypt, the four banks participating in the initiative, and the Export Development Fund, since the closing of applications for the third phase of the “immediate cash payment” initiative, which was launched. During July 2021, in implementation of the presidential directives to support the export sector.


The ministry added that the third phase of the "immediate cash payment" initiative for the overdue dues with the Export Development Fund from the government's support to exporters, comes in response to the exporting companies' desire to benefit from this initiative, and is a continuation of the successes we achieved in the first and second phases in the period from November to December 2020, and the period from February to June 2021, during which more than 2,000 exporting companies spent nearly EGP 16.5 billion.


The ministry stated that the third phase of this initiative has been very popular with exporting companies, as we have received requests from 1,650 exporting companies that want to join it. To provide cash that would enable it to fulfill its obligations and preserve employment, and allow it to expand its investment activities, in a way that reflects the business community’s keenness to benefit from the government’s initiatives in support of the national industry, and is consistent with the state’s efforts to maximize production capacities and enhance the competitiveness of Egyptian products in global markets, Promoting the national economy, raising growth rates, attracting new investments, and maximizing public revenues to achieve comprehensive and sustainable development in various sectors.


The ministry said that we will continue to support exports and exporters, in implementation of presidential directives, to reach $100 billion in annual exports over the next three years. It is a subsidy that has not previously been allocated to the export sector; Reflecting the state's keenness to stimulate exports.


For his part, Ahmed Kjok, Deputy Minister of Finance for Financial Policies and Institutional Development, said that the five previous initiatives put forward by the government to pay the overdue amounts to support exporters at the Export Development Fund, benefited about 2,500 exporting companies, pointing out that these initiatives effectively contributed to providing the necessary cash liquidity for companies. Exporting to ensure the continuation of the production wheel.


Nevin Mansour, Advisor to the Deputy Minister for Financial Policies, indicated the keenness of the Minister of Finance, Dr. Mohamed Maait, to deepen cooperation with the banking sector, the Ministry of Trade and Industry and the Export Development Fund, in a way that is reflected in stimulating investment and strengthening the structure of the national economy, and this was evident in the first and second phases of the initiative. "Instant cash payment", which contributed to the success of one of the fastest initiatives that were implemented to return the "overdue amounts of support for exporters" at the Export Development Fund to the exporting companies.