Egypt receives 950 applications for second phase of export support programme

950 companies have applied for the second phase of the immediate disbursement of export subsidies programme since 7 February, according to the Egyptian Minister of Finance, Mohamed Maait.

Exporters interested in joining the initiative can submit their applications until 28 February, Maait added in a statement.

The initiative involves the payment of subsidies owed by Export Development Fund to exporters in a lump sum at a 15 percent discount instead of scheduling payments over four or five years.

Payments will be made before the end of February, before the end of April, and before the end of June.

Maait further revealed that the government spent about 21.5 billion Egyptian pounds in a year to support exporters through six initiatives.

About 1,096 exporting companies that joined the first phase of the immediate disbursement of export subsidies obtained 13.5 billion pounds in overdue export subsidies in November and December 2020.