Egypt allocates multi-million pounds to pay off exporters’ arears

Egyptian government is allocating 800 million Egyptian pounds ($49 million) to pay off arrears to companies and factories as part of the state export subsidy programme, Prime Minister Moustafa Madbouly said on Monday.

The programme is a mandate of the Export Development Fund (EDF), aimed at providing an incentive package for Egyptian companies to push for more exports.  The programme will work to fund financial incentives for exporters, improve export infrastructure, and settle financial obligations, including taxes.

Madbouly said the government would conduct an annual review of the procedures of implementing a new export support programme to guarantee its efficiency in boosting exports.

Egypt has assigned an amount of 6 billion pounds for the programme during the current financial year, he added.