The Egyptian Minister of Trade and Industry, Nevine Gamea, announced that the Export Development Fund issued 1,186 export certificates to 925 companies with total subsidies worth EGP 4.6 billion or a net value of EGP 4.3 billion after deducting tax and gas bill arrears.
A total of 1,601 companies submitted requests to join the second phase of the immediate disbursement of export subsidies initiative, Gamea added in a statement on Monday.
The minister previously decided to extend the initiative to the end of last April instead of 31 January. A total of EGP 27 billion has been disbursed so far since the launch of the overdue export subsidy payment initiative.
The initiative, launched by the Ministry of Trade and Industry and the Ministry of Finance in coordination with banks, includes the payment of subsidies owed by the Export Development Fund to exporters in a lump sum at a 15% discount instead of scheduling payments over years.
