The sixth phase of the immediate payment initiative gets the green light: Trade Ministry

CAIRO - 18 May 2023: Ahmed Samir, Minister of Trade and Industry, said that the fund’s board of directors had approved the continuation of the support foreign exhibitions and raising the budget allocated for the program to LE 325 million, as well as approving the air freight support program with a budget of LE 500 million.

Samir also approved on the controls for implementing the sixth phase of the immediate payment initiative.

In addition to that, the fund’s board of directors approved the component certificate and the domestic license issued by the Industrial Development Authority to be extended for a period of two years instead of one year.

The controls for the implementation of quality certificates were approved and submitted to the Export Development Fund, as well as the continuing to accept cash deposits from the countries of Lebanon and Nigeria.

The trade minister recently announced that Egypt’s exports in France, Germany, Greece, Saudi Arabia, and Spain saw a significant jump. The volume of trade exchange between Egypt and Germany in 2022 recorded almost 5.5 billion euros and commodity exports to Germany passed the 1 billion euros mark last year for the first time.