A new batch of exporters in the fourth phase of the “immediate cash payment” initiative has begun disbursing export subsidies
More than 2 billion pounds have been spent on more than 515 companies and another group of exporters getting their dues in April
We are keen to provide cash liquidity to the export sector… despite all global challenges
We spent more than 33 billion pounds to more than 2,500 companies during the three phases and other initiatives
Minister of Finance, Dr. Mohamed Maait, confirmed that a new batch of beneficiary exporters in the fourth phase of the “cash payment” initiative Al-Fawry, which was launched as of mid-November, has started disbursing its dues, which amounted to more than 2 billion pounds, to more than 515 companies, and another group of exporters benefiting from this stage of the initiative is scheduled to receive their dues on 2 April 8, 2022, pointing out that we have spent more than 30 billion pounds to more than 2,500 companies, during all the initiatives that began to be implemented from October 2019 to October 2021; In addition to about 900 million pounds disbursed in December 2021, as a first part of the fourth phase, then the total amount that has been disbursed to exporters is about 33 billion pounds so far, which confirms the government’s commitment to supporting the export sector and providing cash liquidity to exporting companies, despite what the economy is witnessing global challenges of unprecedented.
explained The Minister, that the “immediate cash payment” initiative to support exporters has received great demand from the business community, in a manner that reflects its success in providing cash liquidity that enables exporters to fulfill their obligations towards their customers and preserve employment in light of the repercussions of the “Corona” pandemic, and is consistent with the efforts of the state. In maximizing its production capabilities, enhancing the competitiveness of Egyptian products in global markets, advancing the national economy, and raising growth rates; In order to achieve comprehensive and sustainable development goals.
He said Ahmed Kjok, Deputy Minister for Financial Policies and Institutional Development, said that for the first time, exporting companies in the ceramic, automobile and pharmaceutical sectors were allowed to apply to join the fourth phase of the “immediate cash payment” initiative to support exporters; In line with the government’s keenness to stimulate the export sector and encourage exporters to expand their production activities. Nevin Mansour, Advisor to the Deputy Minister for Financial Policies, indicated that the fruitful cooperation with the banking sector, the Ministry of Trade and Industry and the Export Development Fund contributed to the success of one of the fastest initiatives that were implemented to return the “arrears amounts to support exporters.” , in a way that is reflected in stimulating investment and strengthening the structure of the national economy, and this was reflected in an unprecedented rise in non-oil exports to exceed the $32 billion barrier.
