Egypt reviews payment of EGP 9.9bn in overdue export subsidies

The Egyptian Export Development Fund has reviewed the payment of 9.9 billion Egyptian pounds in export subsidies owed to 1,137 companies out of total 1,580 companies applied for the initiative of the immediate disbursement of export subsidies.

The fund has issued approvals to disburse 7.6 billion pounds for 625 companies which will receive 7.1 billion pounds after deducting due taxes and other levies, the Minister of Trade and Industry, Nevine Gamea, revealed in a statement on Wednesday.

Under the initiative, exporters will receive their subsidies owed by the Export Development Fund in a lump sum before the end of 2020 after deducting 15% of the total amount instead of spreading the payment over four to five years.