Egypt’s Finance Ministry pays export dues to 750 companies

Egypt’s Finance Minister Mohamed Maait said on Wednesday that the ministry paid 7.5 billion Egyptian pounds in export subsidy dues to 750 companies.

The payment came as a part of the first batch of the sixth phase of the lump-sum export subsidy payment initiative.

They were paid to the companies which have already completed the required documents and submitted requests from the seventh to the 11th of May.

The minister said that the second batch will be on 19-20 July, and the third on 2-3 August.

The Advisor to the Deputy Minister of Finance, Nevine Mansour, said that the dues of the first batch will be paid through the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank.

Mansour said that more than 42 billion pounds were paid to exporting companies, since the initiatives started in October 2019 until now, in cooperation and coordination with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund.

She highlighted that the sixth phase of the initiative seeks to provide cash liquidity to exporting companies to encourage them to expand their production and exports.