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506 companies spent 2.16 billion pounds last week as part of the "exporter support" initiative


Disbursing the arrears of government support to the rest of the exporters benefiting from the "immediate cash payment" initiative, on the 17th of next June


The total amount paid so far to exporters since the beginning of the Corona pandemic exceeds 25 billion pounds


4.2 billion pounds "subsidizing exports" ... in the budget for the new fiscal year to enhance our competitive strength

 

6 billion pounds to pay the banks' installments in the "early repayment to exporters" initiative


Dr. Mohamed Maait, Minister of Finance, confirmed that we will continue to pay the overdue amounts to the exporting companies at the Export Development and Support Fund through the second phase of the initiative «immediate cash payment to support the government to exporters». Implementation of presidential directives to support the export sector; As one of the pillars of economic growth, so that the necessary cash flow is provided to sustain the rotation of the wheel of production in accordance with precautionary measures in light of the Corona pandemic In a way that contributes to preserving employment, enhancing our production capabilities, expanding the export base, and enhancing the competitive strength of Egyptian products in global markets.

 

The minister added that last week, 2 billion and 167 million pounds were disbursed to 506 exporting companies that joined the second phase of the "immediate cash payment to support the government to exporters" initiative, in addition to the disbursement of 43 companies' dues of about 210 million pounds on February 28, and the dues are scheduled to be disbursed. The delay in the "government support for exporters" for the rest of the exporting companies joining this stage on next June 17th, so the total amount paid to support exporters since the Corona pandemic is more than 25 billion pounds.

 

The minister indicated that the state continues to stimulate industry and the export sector to enhance our competitive strength. 4.2 billion pounds have been allocated to support exports in the budget for the new fiscal year, and 6 billion pounds to pay the banks ’installment in the initiative of" early payment to exporters ", pointing out that the government has already started in Paying installments to banks as part of the "immediate cash payment to support the government to exporters" initiative.

 

He explained that the government spent about 25.5 billion pounds over a year and a half to support the export sector and exporters, through 6 initiatives, the most recent of which was the initiative "immediate cash payment to support the government to exporters", which disbursed 1069 exporting companies in the first phase, about 12 billion pounds before the year 2021, and attracted In the second phase, during the period from February 7 to February 28, there were 1601 exporting companies.

 

The Minister praised the cooperation of the banking sector, the Ministry of Trade and Industry, and the Export Development Fund in the first and second stages of the "immediate cash payment" initiative, in a way that would contribute to the success of one of the fastest initiatives that were implemented to return "late amounts to support exporters" of the Export Development Fund to the exporting companies. As the first phase took about two months from the first day of opening the door for receiving applications until the last exchange day.

 

Nevin Mansour, an advisor to the Deputy Minister of Finance, said that the previous five initiatives put forward by the government to repay the delayed amounts to support exporters with the Export Development Fund, 2500 exporting companies benefited from them, with a total of about 8 billion pounds to repay the amounts of support for exporters, in a way that effectively contributed to providing cash Necessary for the exporting companies and the continuation of the production wheel, pointing out that these initiatives are in effect for companies wishing to join them.

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