Egypt pays EGP4.5 bln export subsidies arrears to food industries firms

Egypt has paid a total of 4.517 billion Egyptian pounds in overdue export subsidies to companies operating in food industries sector under the immediate disbursement of export subsidies initiative, Minister of Trade and Industry Nevine Gamea said.

She made these comments as a part of her speech which was delivered on behalf of Prime Minister Mostafa Madbouly, during the activities of the first annual forum for food industries, organised by the Chamber of Food Industries (CFI).

Egypt has paid a total of 1.2 billion Egyptian pounds  in overdue export subsidies to 264 firms operating in the food industries sector until the end of December 2020.

Gamea added that the government has paid export subsidies dues of 2.5 billion pounds about 193 food companies under the first phase of the export support initiative, while 817 million pounds  were paid to 117 companies during the second phase of the initiative.

Gamea pointed out that the ministry is looking to complete the new programme for reimbursement of the export subsidies dues after its discussion with all the exporting sectors in Egypt.

It also presented this programme to the Board of Directors at the Export Development Fund. It will now be submitted to the Prime Minister for approval to help increase Egyptian exports to foreign markets.

Gamea also added that the Ministry of Trade and Industry’s plans to reach $100bn in annual exports are depending mainly on achieving a breakthrough in the export rates of food industries and agricultural crops.