The reduction of the amounts owed to Dana Gas in Egypt, along with the unpaid payments in the Kurdistan region of Iraq, contributed to strengthening the company's balance sheet.
The minister indicated in a statement Tuesday, that since the beginning of the implementation of the initiatives to return the “arrears” of the dues of the exporting companies in October 2019, so far, the exporting companies have been supported with LE 28 billion; It is a subsidy that has not previously been allocated to the export sector; reflecting the state's keenness to stimulate exports.
This step is part of the government's initiative to pay accumulated arrears and dues from the fund to the exporting companies.
Sisi directed to settle the problem of overdue payments for exporters before the end of year, stressing that the government seeks to increase investments and exports.
The minister added that the state is committed to returning the late export burdens of exporters since 2012, and the government has made tangible progress in this regard, with fruitful cooperation between the ministries of finance, trade and industry.
Governor of Egypt’s Central Bank (CBE) Tarek Amer said on Monday that Egypt is regularly and annually paying all its debts.
Prime Minister Sherif Ismail held a meeting Thursday to probe the regular repayment of dues of the Electricity and Petroleum ministries.