Egypt pays EGP 1.6bn export subsidies to 700 companies

The Export Development Fund issued 721 export certificates as part of the second batch of the third phase of the immediate disbursement of export subsidies initiative, according to The Minister of Trade and Industry, Nevine Gamea.

A total of 700 companies received total subsidies worth EGP 1.788 billion or a net value of EGP 1.625 billion after deducting due tax and gas bill arrears, Gamea said in a statement on Wednesday.

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.