Egypt has paid about EGP 16.4 billion in overdue export subsidies over two phases of the export support programme, according to the Egyptian Ministry of Finance.
Since the launch of the first export subsidy initiative in October 2019, a total of EGP 28 billion has been paid to support exporters, the Minister of Finance, Mohamed Maait, said in a statement on Sunday.
The third phase of the immediate disbursement of export subsidies initiative has witnessed high demand from exporters as the ministry has received applications from 600 exporting companies since last Sunday, 4 July.
The deadline for submitting applications is on 29 July and the payment will be made from the end of September till the end of October.
Under the initiative, subsidies are paid in a lump sum after deducting 15% of the total amount instead of spreading the payment over four to five years.
