Dr. Mohamed Maait, Minister of Finance, confirmed, That the government continues to implement the presidential directives to support the export sector, By continuing to pay the exporters’ dues to the Export Development Fund; In order to provide them with cash that enables them to fulfill their obligations towards their customers and to maintain employment, Despite the severity of the global economic challenges, including disruptions in supply chains and sharp rises in commodity prices and freight costs, Embodies an unprecedented inflationary wave, and the pressures it imposes on the state’s general budget, He explained that we have spent about 33 billion pounds of government support for exporters to more than 2,500 companies through the initiatives to return the delayed export burdens of the Export Development Fund, which began in October 2019 until now.
Minister added, That the last batch of beneficiary exporters in the fourth phase of the “immediate cash payment” initiative, which was launched as of mid-November, will disburse its dues on April 28, 2022, Explaining that it is to facilitate the exporters; To motivate them to maximize their export activities, thus contributing to reaching the annual export volume of $100 billion, It was decided to implement the “immediate cash payment” initiative for export shipments from the first of July 2021 with a discount rate of 8% acceleration payment instead of the 15% that was in force on shipments until June 30, 2021.
The minister explained, The “immediate cash payment” initiative to support exporters, It was well received by the business community. In a manner that reflects its success in providing the necessary financing for the continuation of export activities and thus maintaining the rotation of the production wheel. Consistent with the state’s efforts in maximizing its production capabilities, The competitiveness of Egyptian products in global markets. strengthening the structure of the national economy, raising growth rates; To achieve comprehensive and sustainable development goals.
Ahmed Kjok, Deputy Minister for Financial Policies and Institutional Development, said, For the first time, exporting companies in the ceramic, automobile and pharmaceutical sectors were allowed to apply to join the fourth phase of the “Instant Cash Payment” initiative to support exporters. In line with the government’s keenness to stimulate the export sector, Encouraging exporters to expand their production activities.
Nevin Mansour, Advisor to the Deputy Minister for Financial Policies, noted, To the fruitful cooperation with the banking sector, the Ministry of Trade and Industry and the Export Development Fund, Contributed to the success of one of the fastest initiatives that was implemented to return the “arrears amounts to support exporters” in a way that is reflected in stimulating investment. stimulating economic growth, This was reflected in an unprecedented rise in non-oil exports to exceed $32 billion.