Minister of Finance, Mohamed Maait, said Egypt will launch the second round of the fourth phase of the initiative of cash repayment for exporters’ arrears from 30 January to 10 February.
He added that the action is based on President Abdel-Fattah El-Sisi’s directives aimed at helping the export sector in the face of continuing COVID-19 pandemic challenges.
Since the government launched the initiative in October 2019, it has already disbursed EGP 31 billion of exporters’ arrears, benefitting over 3,000 export companies.
The advisor for financial policies at the ministry of finance, Naveen Mansour, reported that 957.4 million Egyptian pounds were disbursed to 500 export companies during the fourth phase of the initiative.
According to her, this phase’s second round of disbursements took place on 28-29 April 2022.
Export companies are able to repay their arrears from the Export Development Fund (EDF) at a discount of 15 per cent through this initiative.
The initiative supports domestic and foreign businesses on the Egyptian market.
Implementation of the initiative takes place in conjunction with the banking system. To enable the payment of the arrears through the end of the programme, the finance ministry deposited a guarantee with the Central Bank of Egypt (CBE).
Furthermore, the president instructed the government to take the necessary steps to increase Egypt’s exports to $100 billion per year, as well as to set 100 incentives for the industry sector to increase the competitiveness of Egyptian products.