The Egyptian government will launch the fourth phase of the immediate export subsidy payment initiative at the beginning of November.
The initiative is in line with presidential directives to support the export sector and accelerate the process of disbursing overdue subsidies to exporters, the Minister of Finance, Mohamed Maait, said in a statement on Thursday.
An amount of EGP 750 million has been disbursed to 500 companies in collaboration with the Ministry of Trade and Industry, the Central Bank of Egypt (CBE), the participating banks, and the Export Development Fund, bringing the total value of subsidies paid to exporters under the third phase of the initiative to EGP 1.550 billion since July 2021.
Under the first two phases of the initiative, more than 2,000 companies received about EGP 16.5 billion in subsidies.
More than 2,500 companies have obtained EGP 30 billion in export subsidies since the launch of overdue export subsidy payment initiatives, the minister added.
He noted that the ministry is committed to supporting the export sector in line with presidential directives towards boosting the value of annual exports to $100 billion in the coming three years.
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.
