Egypt disburses LE 27B among exporters' immediate payment initiative

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Mon, 21 Jun 2021 - 12:02 GMT

Nevine Gamea – Press photo

Nevine Gamea – Press photo

CAIRO – 21 June 2021: The Export Development Fund has so far issued 1,186 certificates to 925 exporting companies, with a total support amounting to LE 4.6 billion and a net of LE 4.3 billion, after deducting all tax and gas debts, according to Minister of Trade and Industry, Nevine Gamea.

 

Gamea clarified that the number of applicant companies reached 1601, as part of the implementation of the second phase of the exporters' immediate payment initiative.

 

She indicated in a statement Monday, that these certificates are issued by the files benefiting from the initiative, which were previously approved to be extended from January 31, 2021 to the end of last April, to facilitate the exporting companies and maximize their benefit from the initiative, pointing out that the total amount that has been disbursed from the fund amounted to about LE 27 billion since the launch of the government's initiatives to pay the overdue dues to the exporting companies.

 

Gamea explained that the provision of these financial dues comes in implementation of the presidential directives to support the export sector, and the speedy response of the export burdens due to the exporting companies, pointing out that the return 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 foreign markets, especially in light of coronavirus crisis.

 

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

 

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