Egypt settles arrears to 41 companies under export support programme

Egypt’s ministries of finance and Trade and Industry signed on Wednesday 41 agreements with representatives of local and foreign companies to settle their arrears owed by the Exports Development Fund.

These agreements came in line with the country’s efforts to support exporters, especially amid the outbreak of the coronavirus (COVID-19), according to finance minister Mohamed Maait said

Each company will receive 30 percent  of subsidies  with a minimum of 5 million owed by the Export Development Fund  Egyptian pounds before the end of fiscal year 2019/2020, he noted.

The government has so far paid out  2.133 billion pounds in overdue subsidies from January to April, according to  minister of trade Nevine Gamea, adding that orders for the e-payment of 2.900 billion  pounds to 2,056 companies are being issued.