Dr. Mohamed Maait, Minister of Finance, confirmed that tomorrow, Wednesday, and the day after tomorrow, Thursday, the third batch of the sixth phase of the “immediate cash payment” initiative will be disbursed to 744 exporting companies, with a total support amounting to about 4 billion pounds, so that the value of support for the entire sixth stage will be approximately EGP 4 billion. 12 billion pounds for 1558 exporting companies.
The minister indicated that the cabinet agreed to increase the allocations for the sixth phase of the “immediate cash payment” initiative to support the government to exporters by a value of 2 billion pounds, to become 12 billion pounds instead of 10 billion pounds, in a way that contributes to enhancing the benefit of the business community and exporting companies from the initiative. , which maximizes opportunities for expansion of productive and export activities; In light of the exceptional circumstances in the global economy.
The minister added that the Ministry of Finance has spent about 8 billion pounds, the total value of export support due to more than 800 exporting companies, in the first and second installments of the sixth phase of the “immediate cash payment” initiative, with the same previous controls, so that the rate of acceleration of payment is deducted by 15% up to 30 shipments. June 2021, and a rate of 8% for shipments from the first of July 2021 to the 30th of June 2022, and not applying any discount rate for shipments from the first of July 2022, and the following, pointing to the application of the same export support rules for the fiscal year 2021/2022 on export support dues for the fiscal year 2022/2023
Nevine Mansour, Advisor to the Deputy Minister for Financial Policies and Institutional Development, said 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 five stages, and a motivation to complete the export support process in the sixth stage. Pointing out that the exchange procedures are carried out through four banks, “Al-Ahly Bank of Egypt, Banque Misr, Banque du Caire, and the Egyptian Export Development Bank.”
She added that more than 50 billion pounds have been disbursed to exporting companies, since the start of initiatives to pay late dues to exporters with the Export Development Fund in October 2019 until now.