Egyptian exporters received EGP 25.5 bln dues since March 2020, Maait

Egypt has disbursed a total of 25.5 billion  Egyptian pounds to exporters since the onset of the pandemic in Egypt in March 2020 through six initiatives aimed to support the export sector, Minister of Finance Mohamed Maait said

During last week, the finance ministry disbursed 2.1 million pounds for 506 export companies that had joined the second stage of the cash repayment initiative, which allows exporters to disburse their subsidised arrears, according to Maait.

Moreover, 43 export companies received 210 million pounds from their arrears by the end of February, said Maait.

He added that all the companies that joined the second stage of the initiative are expected to receive all their due subsidies by 17 June.

1,069 export companies received their arrears amounts with a total of 12 billion pounds in the first stage of the initiative, according to Maait.

The cabinet has approved five initiatives since October 2019 to settle exporters’ arrears through June 2019.

The initiatives included repaying small investors a maximum of 5 million pounds, the repayment of 30 percent of the whole arrears to the exporters, holding a set-off between exporters’ arrears and the payable tax and custom obligations on them, the repayment of the total arrear sums over four to five years while expanding their investments in return, and the land allocation initiative.