The Export Development Fund (EDF) has reviewed 1,137 requests from investors for lump-sum payment of their export subsidy dues with the fund, according to Minister of Trade and Industry Nevine Gamea.
It comes as part of the lump-sum payment initiative recently announced by the Egyptian government, to settle the delayed dues of companies with the fund.
The Fund has received 1,580 requests so far. The value of completed applications reached a total of EGP 9.9bn.
Under this initiative, exporters can receive their subsidy dues in full, instead of several instalments over four or five years, before the end of next December, provided that a 15% of the sum will be cut.
The initiative has been designed to provide exporters with cash liquidity required to fulfil their obligations and preserve employment.
The Fund has already provided EGP 7.6bn in export subsidy dues to about 625 companies. The net amount reached EGP 7.1bn after deducting all tax arrears.
