Business hub – cairo
Dr. Mohamed Maait, Minister of Finance, confirmed, We continue to provide all support and assistance to the export sector, We continue to provide all support and assistance to the export sector, Which is reflected in improving the lives of citizens and improving the services provided to them. Pointing out that exporters’ dues to the Export Development Fund continue to be paid; In order to provide them with cash that enables them to fulfill their obligations towards their customers and to maintain employment, Despite all the challenges that the global economy is witnessing, including disruptions in supply and supply chains, A sharp rise in commodity prices and shipping costs.
Minister said, About 34 billion pounds of government support has been spent on more than 2,500 exporting companies through initiatives to return the delayed export burdens at the Export Development Fund, Since its implementation in October 2019 until now, which represents an unprecedented support for the export sector, He explained that we aim to maximize the number of companies benefiting from the “immediate cash payment” initiative to support exports and support the export sector.
131 companies in the immediate cash payment initiative spent 261 million pounds of export support
Minister added, The last batch of beneficiary exporters in the fourth phase of the “immediate cash payment” initiative, which was launched in mid-November, has paid its dues. It included 131 companies that disbursed EGP 261 million from “export support” yesterday, Thursday; The total cash disbursed by banks in this initiative reached 23 billion pounds.
Minister indicated, The “immediate cash payment” initiative has been very popular with 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. In line with the state’s efforts to maximize its production capabilities, The competitiveness of Egyptian products in global markets. strengthening the structure of the national economy, raising growth rates; In order to achieve comprehensive and sustainable development goals, the Ministry continues to provide the required funding to complete the immediate payment initiative.
Ahmed Kjok, Deputy Minister for Financial Policies and Institutional Development said, Allowing exporting companies in the ceramic, automobile and pharmaceutical sectors to apply to join the fourth phase of the “immediate cash payment” initiative to support exporters is consistent with the government’s keenness to stimulate the export sector. Encouraging exporters to expand their production activities, Noting the government’s keenness to stimulate the export sector to increase the volume of exports, To maximize the capacity of the national economy and Egypt’s international standing.
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 contributes to stimulating investment.