Egypt to settle 1.5 billion pounds in arrears for 1,177 exporters

Egypt plans to settle 1.5 billion Egyptian pounds ($95.2 million) worth of arrears in favour of 1,177 exporters, Minister of Industry and Trade Niveen Gamea said on Thursday.

The payments will be injected from the state Export Development Fund in a bid to support local exporters during the coronavirus (COVID-19) pandemic, Gamea said.

In a seminar run by the Engineering Export Council of Egypt, entitled “Crisis Management, Challenges and Opportunities”, the minister said the ministry is looking to ensure continuity of production and export processes.

At the same time, the ministry is also looking to maintain the safety of workers in factories and companies, whilst following the state’s preventative measures put in place due to the ongoing pandemic.

Gamea added that the government is closely monitoring developments, and is currently working to support and provide incentives for local industries, reduce imports, and remove tariffs.

She pointed out that some exporters have successfully opened up new markets in countries that do not have local production, or whose production has been interrupted due to the coronavirus.

Gamea highlighted the government’s eagerness to provide medical supplies to workers, whilst enhancing communications with the business community should any positive coronavirus cases be detected