On Wednesday, Egypt’s Finance Minister, Mohamed Maait, announced that the ministry has disbursed 7.5 billion Egyptian pounds in export subsidy dues to 750 companies. This payment marks the initial installment of the sixth phase of the lump-sum export subsidy payment initiative, aimed at stimulating production and fostering increased exports.
The subsidies were granted to companies that had fulfilled the necessary requirements and submitted their requests between May 7th and May 11th. Minister Maait also revealed that the second batch of payments is scheduled for July 19th and 20th, with the third batch set for August 2nd and 3rd.
Nevine Mansour, Advisor to the Deputy Minister of Finance, explained that the dues for the first batch would be disbursed through various banks, including the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank. Since the launch of the initiative in October 2019, more than 42 billion pounds have been paid to exporting companies in collaboration with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund.
Mansour emphasized that the primary objective of the sixth phase is to provide cash liquidity to exporting companies, encouraging them to expand their production capacities and boost exports. These subsidies serve as a crucial incentive for companies to enhance their competitiveness in global markets and contribute to Egypt’s economic growth.
The Ministry of Finance’s commitment to supporting the export sector demonstrates the government’s dedication to fostering a favorable business environment and facilitating the growth of key industries. By providing financial assistance to exporting companies, Egypt aims to strengthen its position as a regional economic powerhouse and increase its global market share.
