Egypt spends LE 21.5B to back export sector

Egypt spends LE 21.5B to support export sector Wed, Feb. 17, 2021
CAIR – 17 February 2021: Egypt's Minister of Finance, Mohamed Maait, stated on Wednesday that the government spent about LE 21.5 billion during a year to support the export sector and exporters, through 6 initiatives.

Maait clarified that the last initiative was "immediate cash payment" with a 15 percent discount.

Maait added in a statement that about 1096 exporting companies joined the first phase of the immediate cash payment initiative in the government’s support to exporters, all of whom disbursed all the overdue amounts with the Export Development Fund before 2021.

He emphasized that all the exporting companies benefiting from the first phase of the "immediate cash payment" initiative spent all late export support amounts with the Export Development Fund, during the last months of November and December, with a total value of LE 13.5 billion, reflecting the government's success in achieving the desired goals of this initiative.

“It was very well received by the exporters,” the minister commented.

The minister praised the cooperation of the banking sector, the Ministry of Trade and Industry and the Export Development Fund in the first phase of the "immediate cash payment" initiative, which contributed to the success of one of the fastest initiatives that was implemented to return the "arrear amounts to support exporters" of the Export Development Fund to the exporting companies.

It took about two months from the day the applications were opened to the last exchange day, according to Maait.