Egypt’s arrears to exporters mount to 25 billion pounds – minister

Egypt’s arrears to exporters as part of the state export subsidy programme have mounted to 25 billion Egyptian pounds ($1.5 billion), said Finance Minister Mohamed Maait on Monday.

Arrears to exporters accumulated after the 2011 uprising that toppled President Hosni Mubarak and the country was not able to pay at regular intervals, Maait said at an investment conference taking place in Alexandria.

The government hopes the new export subsidy programme, which includes a higher allocation close to 6 billion pounds, would help reimburse the delayed payments, he added.

Dubbed as “Future of Investment in Egypt … Vision of Business Community”, the conference is organised by Alexandria Business Association (ABA). It aims to explore the Egyptian business community’s vision towards attracting more foreign investments and contributing to the economic growth.