Egypt settles arrears to 31 companies among export support programme

The Finance and Trade ministries signed 31 agreements with representatives of local and foreign companies to settle their arrears owed by the Exports Development Fund.

The move comes in the light of the government’s initiative to settle the arrears of companies seeking to expand or increase their investments in the markets within five years.

Under the initiative, those companies will be obliged to pump new investments in the markets and set up new production lines.

The fund has paid 291 million Egyptian pounds to 12 exporting companies under the initiative till the end of December 2019.

The new exports support program will be periodically examined to meet the demands of both exporters and the government alike.