Egypt pays EGP 10.3bn under export support programme

Egypt has paid a total of 10.3 billion Egyptian pounds  in overdue export subsidies to 1,069 companies under the immediate disbursement of export subsidies initiative, according to a cabinet statement on Wednesday.

Subsidies are paid in a lump sum after deducting 15 percent of the total amount instead of spreading the payment over four to five years.

The Export Development Fund have approved requests of 1,126 companies out of total 1,580 companies that joined the initiative.

Banks participating in the initiative are the National Bank of Egypt (NBE), Export Development Bank of Egypt, Banque Misr, and Banque du Caire.