Egypt on course to restart re-compensation of Exporters arrears by January 30

The Egyptian finance minister has assured that the nation is  on course to restart re-compensation of Exporters arrears by January 30 [Image: @Mohamedmait/Twitter]
Egypt’s minister of finance Maait said on Friday that the fourth phase of the lump-sum payment initiative of export subsidy is ongoing.

According to a statement shared to newsmen, the minister said that companies wishing to join the new phase of the initiative could apply to start from 30 January to 10 February 2022, with the same conditions as the previous three phases.

The advisor for financial policies at the ministry of finance, Naveen Mansour, reported that 957.4 million Egyptian pounds were disbursed to 500 export companies during the fourth phase of the initiative.

It is a directive aiming to implement the presidential directives to support the export sector.

“We continue to support exports and exporters in line with the presidential directives in this regard. The government has supported the export sector by about EGP 31bn disbursed to more than 3,000 exporting companies since the start of the initiative to pay subsidy dues to exporters in October 2019 until now. This amount of financial support to the export sector is unprecedented and reflects the state’s keenness to stimulate exports.” Maat noted.

Furthermore, the president instructed the government to take the necessary steps to increase Egypt’s exports to $100 billion per year, as well as to set 100 incentives for the industry sector to increase the competitiveness of Egyptian products.

Ahmed Kochouk, the Deputy Minister for Financial Policies and Institutional Development, said that the aforementioned initiative witnessed fruitful cooperation in its various stages between the Ministry of Finance, the Ministry of Trade and Industry, the Central Bank of Egypt, the four banks participating in the initiative, and the Export Development Fund, which contributed to its speed and efficiency.

In December 2021 to 500 companies. The remaining disbursements are scheduled to be sent to the remaining beneficiaries on 28 February and 28 April 2022.