Egypt pays EGP 1.1bn arrears for exporters in two months

Egypt has disbursed 1.1 billion Egyptian pounds in July and August to cover export subsidy arrears according to Minister of Finance Mohamed Maait, as part of export support programme.

Maait pointed out that more 7 billion pounds has been allocated as part of the new budget for the current FY 2020/21 to support exports. The allocation will ensure that funds are provided on a monthly basis to the EDF, to pay subsidy dues to exporters.

Maait said the state has been committed to paying export subsidies since 2012. The government has made tangible progress in this regard, with fruitful cooperation between the Ministry of Finance and the Ministry of Trade and Industry.