Egypt provides LE 874.8M exports subsidies to 456 companies

Egypt provides LE 874.8M exports subsidies to 456 companies Mon, Oct. 4, 2021
CAIRO – 3 October 2021: The Export Development Fund issued 338 certificates to 456 exporting companies, with a total support amounting to LE 874.8 million, and a net of LE 785.5 million after deducting all tax and gas debts, according Minister of Trade and Industry, Nevine Gamea.

She clarified that the number of applied companies reached 1634 companies.

The Minister explained, in a statement, Sunday that the provision of these financial dues comes in implementation of the presidential directives to support the export sector, and to speed the payback of the export burdens owed to the exporting companies

Gamea pointed out that the payback of the dues of the exporters to the Fund will contribute significantly to increasing their production capabilities and enhancing the competitiveness of Egyptian products in the markets especially in light of the coronavirus crisis.

The immediate payment initiative is an initiative launched by the Ministries of Commerce, Industry and Finance in coordination with banks and allows for the payment of 85 percent of the total value of dues immediately, instead of paying it in installments that may take several years, which contributes to providing cash liquidity to enable exporting companies to meet their obligations towards its clients and to maintain employment.