Egypt pays EGP 2.7bn to exporters in export subsidies

Export Development Fund issued 583 export certificates with total subsidies worth 2.7 billion Egyptian pounds or a net value of 2.5 billion Egyptian pounds ($159,4 million) after deducting tax and gas bill arrears.

This is part of the immediate disbursement of export subsidies initiative, which is in line with the presidential directives to support the export sector, Gamea said in a statement

The minister issued a decision to extend the initiative to the end of April instead of 31 January. Certificates for this period will be issued in June.

The initiative, launched by the Ministry of Trade and Industry and the Ministry of Finance in coordination with banks, includes the payment of subsidies owed by the Export Development Fund to exporters in a lump sum at a 15 percent discount instead of scheduling payments over years.