Egypt launches 6th phase of immediate cash payment initiative to support exporters

The Ministry of Finance launched the sixth phase of the “immediate cash payment” initiative to support exporters at a value of LE 10 billion, after approval by the Cabinet, according to a statement issued, Thursday, by the ministry.

 

The launch of the new phase of the initiative comes as a continuation of the series of initiatives achieved by the Ministry of Finance with its previous initiatives to reimburse the delayed export burdens at the Export Development Fund, to support the export sector, and provide cash liquidity for exporting companies, which prompts them to expand productive and export activities, under exceptional circumstances in the global economy.

 

The sixth phase of the “immediate cash payment” initiative aims to support the export burdens of exporting companies for files completed with the Export Development Fund until shipments of December 31, 2022, with the same previous controls.

 

A 15 percent acceleration rate will be deducted until shipments of June 30, 2021, and 8 percent for shipments from July 1, 2021 to June 30, 2022, and no discount rate will be applied to shipments from July 1, 2022 onwards, and applying the same export subsidy rules for the fiscal year 2021/22 to export subsidy dues for the fiscal year 2022/23.

 

Applications of exporting companies whose documents have already been completed will be received, during the period from 7 to 11 May, to join the sixth phase of the initiative, and requests from other companies whose documents are being completed will be received during the period from 17 to 31 May 2023.

 

Three periods have been set to pay the dues of exporting companies benefiting from the sixth phase of the initiative, so that the first period will be paid on July 5 and 6 for companies that have already completed their documents and submitted their applications during the period from May 7 to 11.

 

The second period will be disbursed on the 19th and 20th of next July for companies whose papers are being completed and their applications submitted in the period from 17 to 31 May next, and the disbursement will take place in the third period on the 2nd and 3rd of next August for companies whose papers are being completed and their applications submitted in the period from 17 to 31 May.

 

 All of this is within the limits of LE 10 billion.