To reach 100 billion dollars in exports.. Egypt support exporters with 40 million pounds

Egypt helps the export sector to stimulate industry and production and achieve what President Abdel Fattah El-Sisi announced, to reach $100 billion in exports.

Dr. Mohamed Maait, Minister of Finance, affirmed that the state has paid 40 billion pounds to support exporters within 30 months through initiatives to recover the delayed export burdens at the Export Development Fund, despite the global crises and the current exceptional economic conditions, and what they impose on the budgets of countries, including Egypt.

Supporting exports and providing cash liquidity

The minister added that we are committed to continuing to support exports, in a way that contributes to providing the necessary cash liquidity to turn the wheel of production and enable exporters to fulfill their obligations.

This step comes to maximize the country's productive capacities, expand the export base, and enhance the competitive strength of Egyptian products in global markets.

The minister explained that 436 exporting companies will today disburse EGP 2.5 billion of their dues to the Export Development Fund, as part of the second batch of beneficiaries in the fifth phase of the immediate cash payment initiative to support exporters.

He pointed out that mid-December will witness the completion of the disbursement of the second batch to the rest of the companies joining the fifth phase of the immediate cash payment initiative to support exporters.

Instant cash payment initiative to support exporters

It can be said that the total amount of export support that has been disbursed so far to those joining the fifth phase of the immediate cash payment initiative to support exporters amounts to about EGP 7 billion out of the EGP 10 billion approved by the Council of Ministers at the end of last August.

This comes despite the economic challenges in which the repercussions of the Corona pandemic and the negative effects of the war in Europe are intertwined, and in light of the “immediate cash payment to support exporters” initiative, which has received great approval from the business community.

Nevin Mansour, Advisor to the Deputy Minister of Finance, stated that the fruitful cooperation with the banking sector, the Ministry of Commerce and Industry, and the Export Development Fund had a great impact on the success of the immediate cash payment initiative to support exporters in its four stages and motivated the completion of the export support process in the fifth stage.

  She pointed out that the exchange procedures are carried out through four banks, “The National Bank, Banque Misr, Banque du Caire, and the Export Development Bank,” noting that the positive impact of the “immediate cash payment” initiatives to support exporters was reflected in the increase in non-oil exports by 29.1% during the fiscal year  past and ending in June 2022.