Egypt launches 2nd phase of export companies support initiative

Egypt’s government has launched the second phase of initiative supporting export companies, announcing that the registration will open as of 7 February through until the end of the month.

 

Minister of Finance, Mohamed Maait said on Sunday that the initiative came in implementation of President Abdel-Fattah El-Sisi's directives to back the sector, adding that it aims at disbursing the export companies' arrears from the Export Development Fund (EDF) before the end of the current FY2020/2021 (ending in June).

 

The initiative’s second phase will be executed with the same conditions of the first phase, according to Maait.

 

He added that this initiative contributes in providing cash liquidity that enables export companies to meet their financial obligations, keep their labour force and boost the competitiveness of Egyptian products in international markets, especially with the severe impacts that hit the sector due to the COVID-19 crisis.