CAIRO – Egypt’s Finance Minister Mohamed Maait said that exporters wishing to join the seventh stage of the Instant Payment Initiative can submit applications from Sunday.
The cabinet, in its meeting on Wednesday, approved the launch of the seventh phase with a value of LE 8 billion.
This phase aims to settle the overdue obligations of export burdens for exporting companies, covering export files at the Export Development Fund until those loaded until June 30, 2023, that are fulfilled by the end of September 2023, with an amount not exceeding LE 8 billion.
More than EGP 54.5 billion has been disbursed under the initiative since its launch in October 2019.
Egypt is aiming to increase total annual exports to $100 billion by 2030.
