Dr. Mohamed Maait, Minister of Finance, confirmed that today, Thursday, a new batch of “support for exporters” will begin to be disbursed to support them in facing external and internal challenges, by pumping more cash liquidity that will help them enhance their production and export activities, explaining that the total value of the government’s support for exporters, which… It has been disbursed to exporting companies, since October 2019 until now, amounting to about 62 billion pounds for exporters.
The minister added that 362 exporting companies that benefited from the seventh phase of the “immediate cash payment” initiative, and that have completed their documents until shipments of June 30, 2023, will begin disbursing 3 billion pounds today, the value of the export support due, provided that the disbursement is completed to the exporting companies that benefit from this. The stage will be in later installments next July 11 and August 8, 2024, pointing out that financial settlements or clearing will be made between “exporter support” dues and the dues of state agencies from taxes, customs, electricity and natural gas.
The minister pointed out the government’s keenness to provide the necessary funding for programs to stimulate economic activity, especially supporting the industrial sector and export activities, and other initiatives, in the budget for the next fiscal year, with a total of 40.5 billion pounds, including: 23 billion pounds to continue the rapid response to export burdens. .
Nevin Mansour, Advisor to the Deputy Minister for Financial Policies and Institutional Development, indicated that the fruitful cooperation with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund had a great impact on the success of the “Instant Cash Payment” initiative to support exporters in its six stages, and an impetus for completing the process of supporting exports. In the seventh stage, pointing out that the seventh stage of the “immediate cash payment” initiative to support exporters witnessed a remarkable demand by exporting companies.
She explained that the seventh phase of the “immediate cash payment” initiative will be implemented with the same previous controls, so that a discount on the acceleration of payment rate of 15% will be applied until shipments of June 30, 2021, and a rate of 8% will be applied on shipments from July 1, 2021 to June 30, 2022, and no discount percentage will be applied. About shipments from July 1, 2022.
She confirmed that export support is being disbursed through the “immediate cash payment” initiative, from the National Bank of Egypt, the Bank of Egypt, the Bank of Cairo, and the Egyptian Export Development Bank.
