Egypt’s Finance Minister Mohamed Maait said on Friday that 800 million pounds were paid to 302 companies under the third phase of immediate cash initiative that allows the payment of up to 85 per cent of the total value of exporters’ dues rather than paying them in installments.
The initiative aims at providing cash liquidity needed to enable the exporting companies to fulfill their obligations towards their clients and keep employment.
Another batch of beneficiaries will get their dues under this stage on October 28, Maait said in statements.
He added that the ministry is exerting utmost efforts in coordination with the Trade, Industry Ministry and the Central Bank of Egypt, four main banks engaged in the initiative and Exports Development Fund to pay back exporters’ arrears.
Maait pointed out that the third phase of the immediate cash payment initiative is a continuation of the successes that have achieved in the first two phases that were implemented from November to December 2020, and the second phase from February to June 2021.
During the past two stages, more than 2,000 exporting companies get 16.5 billion pounds.
Under the initiative, the Ministry of Finance will pay the total of these amounts and their interests over three years to the banks participating in this initiative.
