Minister of Finance Mohamed Maait stated on Wednesday that it paid approximately EGP 7.5bn in export subsidy dues to 750 companies, as the first batch of the sixth phase of the lump-sum export subsidy payment initiative.
The beneficiaries are the companies who have already completed the required documents and submitted requests from 7 to 11 May.
Maait added that the second batch will be on 19-20 July, and the third batch on 2-3 August.
Nevine Mansour, Advisor to the Deputy Minister of Finance for Financial Policies and Institutional Development, stated that the dues of the first batch will be disbursed through the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank.
Mansour pointed out that more than EGP 42bn have been disbursed for exporting companies, since the start of the initiatives to pay the late dues to exporters with the Export Development Fund in October 2019 until now, in cooperation and coordination with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund.
She noted that the sixth phase of the initiative aims to provide cash liquidity to exporting companies to motivate them to expand their production and exports.
