Egypt’s export subsidies initiative’s 5th stage disbursed EGP 7 billion

Egypt has distributed EGP 40 billion to support exporters in the past 30 months under the immediate cash payment initiative, Minister of Finance Mohamed Maait announced in a statement last week.

"We continue supporting the export sector to set the stage for industry and production and to achieve what was announced by President Abdel Fattah El Sisi to up exports to $100 billion," he added.

During the fifth stage of the initiative, EGP 7 billion was disbursed out of a total allocated EGP 10 billion according to Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk.

More than 435 export companies are paying back their dues to the Exports Development fund as part of the second batch of beneficiaries under the fifth phase of the immediate cash payment initiative to support exporters, so far reaching EGP 2.5 billion as of December 8.