Egypt launched new phase of immediate cash payment initiative with LE 8.7B

Egypt’s Minister of Trade and Industry Ahmed Samir announced yesterday the issuance of certificates assistance of the first tranche of the sixth phase of the immediate cash payment initiative with a total LE 8.7 billion. The net amount will be around LE 7.4 billion.

The immediate cash payment initiative’s certificates aim to support exporters and this is within the framework of implementing the initiative in cooperation with the Ministry of Finance.

The number of applicants for the first tranche of the initiative are 1,130 exporting companies, Amany El Wesal, Executive Director of the Egyptian Export Development Fund, said.