Egypt supports exporters with EGP 21bn during 2020

The Egyptian government spent more than 21 billion Egyptian pounds during 2020 to support exporters, the Minister of Finance, Mohamed Maait, revealed.

A total of six initiative were launched to support exporters, including the immediate disbursement of export subsidies, which includes the payment of subsidies in a lump sum before the end of 2020 after deducting 15 percent of the total amount instead of spreading the payment over four to five years, Maait added/

During the last three months of 2020, 1,069 exporting companies obtained 13 billion pounds in overdue export subsidies.

The five other initiatives included the payment of  5.6 billion pounds of subsidies during fiscal year 2019/2020 and  2.4 billion pounds n from 1 July until 25 November 2020.