Egyptian Finance Minister Mohamed Maait said on Thursday that 500 companies have benefited so far from the fourth stage of cash payment initiative that kicked off in November.
He said exporters got LE957.4 million so far under the fourth stage, adding that another group of exporters will get their dues on February 28 and April 28.
Till now, more than 30 billion pounds were disbursed to 3,000 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 per cent discount instead of scheduling payments over years.
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