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As part of the third installment of the fourth phase of the exporters’ immediate payment initiative, The Minister of Trade and Industry, Nevin Gamea, announced that the Export Development Fund has issued, to date, 564 exchange certificates for 564 companies, with a total of 2 billion pounds. Pointing out that the number of companies eligible for export support within the framework of this batch is 683, with a total of 2.4 billion pounds.
She said that the payment of this installment of dues comes in implementation of the presidential directives to support the export sector. The fast response to the export burdens owed to the exporting companies and the support of the industrial and export sectors, She pointed out that the return of the exporters’ dues to the fund will contribute significantly to increasing their production capabilities and enhancing the competitiveness of Egyptian products in foreign markets, especially in light of the economic crises that the countries of the world are currently experiencing.
For her part, Dr. Amani Al-Wasal, CEO of the Export Development Fund, stated that the fund will complete the issuance of the remaining certificates within the framework of the fourth phase of the initiative until the end of next May. Pointing out that the program includes a number of main axes, including deepening industry, supporting Upper Egypt, border areas, specialized industrial areas such as Al-Rubiki and Damietta Furniture City, the new target markets, promoting Egyptian brands, supporting transport, as well as the economic zone of the Suez Canal, and achieving a doubling of exports to Africa.
the immediate payment initiative is an initiative launched by the Ministries of Commerce, Industry and Finance in coordination with banks, and it allows for the immediate payment of 85% of the total value of receivables. Instead of paying it off in installments that could take several years, Which contributes to the provision of cash to enable the exporting companies to fulfill their obligations towards their customers and to preserve employment.
