ITIDA Disburses Cash Incentive to Second Batch of Egyptian IT Exporters

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Sat, 02 May 2020 - 12:36 GMT

ITIDA Disburses Cash Incentive to Second Batch of Egyptian IT Exporters

ITIDA Disburses Cash Incentive to Second Batch of Egyptian IT Exporters

Cairo - 2 May 2020: The Information Technology Industry Development Agency (ITIDA) has approved disbursing the dues of the second group of local Egyptian companies benefiting from the Export IT Program’s 10th round.

ITIDA said that the total amount approved to the second batch of companies is 11,863,223 EGP pounds and will go out to 27 medium-sized companies. ITIDA explained that 8 out of 27 companies have joined the program for the first time.

The total number of ICT companies benefiting from the program so far is 52 where the total amount of export rebate disbursed to the first and second group together is 17,032,626 EGP.

Export-IT program forms an integral part of ITIDA strategy. The program supports local ICT exporting companies aiming at increasing their competitiveness and helping reduce export-related costs.

Export-IT was first launched in 2010 to help Egyptian companies grow their exports from IT/ITES products and services. Since its inception, the program has supported more than 185 local companies with around EGP 350 million, thus contributing to increasing IT exports in volume, achieving a total of EGP 6.2 billion revenues, through the program's previous rounds.

In a related context, ITIDA clarified that the total number of companies that applied for the program reached 165 companies, where 113 of which provided their export transactions and supporting documents.

ITIDA has accelerated the procedures of disbursing Export-IT cash support to start last April instead of June with priority to micro and small companies.

The acceleration process was part of a list of urgent measures taken by the Ministry of Communications and Information Technology and ITIDA to revive the Egyptian IT market, support local companies, and counteract the negative impact and global market slowdown caused by Covid-19 crisis.

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