Egypt launches second export support initiative

The Egyptian Ministry of Finance announced the launch of the second initiative for supporting small exporters under the patronage of the cabinet.

Under the initiative, exporters will receive their subsidies owed by the Export Development Fund, the finance ministry said on its official Facebook page on Monday.

The maximum limit for the immediate disbursement of subsidies has been raised to 5 million Egyptian pounds up from 1 million pounds due to the repercussions of the coronavirus (COVID-19) crisis.

This is in line with the country’s efforts to help exporters withstand the current crisis.

The country has been committed to paying overdue export subsidies owed by the Export Development Fund since 2012 in collaboration with the Ministry of Trade and Industry.