CAIRO – Egyptian Finance Minister Mohamed Maeet said on Thursday that more than 2 billion pounds were disbursed to 515 export companies under the the fourth phase of the immediate cash payment initiative that was launched mid November, 2021.
A new batch is also about to get its dues on April 28, 2022, he added.
Till now, more than 30 billion pounds were disbursed to 2,500 companies since the initiative was launched in November 2020, he said, adding that the initiative reflects the government’s commitment to boost exports sector and provide needed liquidity to companies despite global challenges, especially with the outbreak of Covid 19 pandemic.
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.
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