Egyptian Finance Minister Mohamed Maait said the ministry had paid LE40 billion to support exporters in 30 months.
That was attained by initiatives for paying the delayed export burdens to the Export Development Fund despite global crises and current exceptional economic circumstances that are taking their toll on budgets of countries including Egypt, added Maait in statements Thursday.
“We continue supporting the export sector to set the stage for industry and production and to achieve what was announced by President Abdel Fattah El Sisi to up exports to $100 billion he further said.
The ministry will maintain backing exports in order to provide liquidity to promote the wheel of production and help exporters honor their commitments, he went on to mention.
Maait pointed out the move is meant to scale up production capabilities of the state, expand exports and boost competition edge of Egyptian products in global markets.
As many as 436 export companies are now paying their overdues, estimated at approximately LE2.5 billion to the Fund as part of the second batch of beneficiaries in the fifth phase of the immediate cash payment initiative for supporting exporters, according to him.
In mid-December, other companies joining this phase of the initiative will complete disbursing their payments, added Maait.
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