Finance Minister:
Next Thursday. Disbursement of 3 billion pounds in support of exporters with the initiative «Immediate cash payment»

8 August Completion of the disbursement of new payments to beneficiaries in the seventh phase of the initiative «Immediate cash payment»

We have disbursed 11 Billion pounds so far in the seventh phase of the initiative «Immediate cash payment»

The total value of what has been disbursed in support of the government to exporters since October 2019 until now amounts to about 65 billion pounds. 

Ahmed Kajuk, Minister of Finance, confirmed that next Thursday, July 18, will be spent about 3 billion pounds in a new batch of government support for exporters who benefit from the seventh stage of the "immediate cash payment" initiative, thus exceeding the total of what has been spent so far in this stage 11 billion EGP, pointing out that next August 8 will be completed for the payment of new payments for the beneficiaries of the seventh stage of this initiative; In a way that helps in providing cash liquidity to the export sector and its support in light of the economic challenges, in a way that contributes to achieving the state’s targets by advancing efforts to revitalize exports and stimulate their growth exceeding 15 % ؜ annually, and enhance the competitiveness of Egyptian products in global markets.

Kajuk added that we are keen to provide the necessary financing in a sustainable manner and reduce the dues time to pay significantly to the programs to stimulate economic activity, especially production support programs, in order to contribute effectively in implementing the strategy to increase and push Egyptian exports to high levels as mentioned in the government plan, explaining that it was allocated 23 billion pounds in the current fiscal year budget to support exports and motivate investors to expand their export activities.

The minister pointed out that the total value of the government's support to the exporters that were spent for exporting companies, since the start of the initiatives to pay the late dues with the Export Development Fund in October 2019 until now, is about 65 billion pounds for exporters.

Nevin Mansour, Advisor to the Deputy Minister for Financial Policies and Institutional Development, said that the seventh stage of the "immediate cash payment" initiative to support the exporters witnessed a remarkable turnout from the exporting companies, especially that it is worked in the same previous controls by applying the deduction of the rate of acceleration of 15 % to the charges of June 30, 2021, and 8 % for chargers from the beginning of July 2021 to June 30, 2022, and the failure to apply any discount for the chargers from the beginning of July 2022.

She indicated that financial or clearing settlements will be made between the "support of exporters" dues, and the dues of the state agencies, including taxes, customs, electricity and natural gas, stressing that export support is disbursed through the "immediate cash payment" initiative, from the National Bank of Egypt, and the Bank of Egypt, Cairo Bank, and the Egyptian Bank for Export Development.