Egypt disburses EGP 5 bln in overdue export subsidies to 2,000 companies

The payments, which cover shipments made up to 30 June 2024, fall under the government’s four-year plan to clear arrears through the Export Development Fund.

Finance Minister Ahmed Kouchouk said the move reflects “our commitment to repaying all outstanding dues to exporters” and aims to inject liquidity to boost the global competitiveness of Egyptian products.

The ministry will reopen applications from 17 August to 4 September, with a second payout scheduled for 18 September. Kouchouk noted that the current fiscal year includes the largest-ever allocation for export support, with EGP 45 billion earmarked.  The government aims to reimburse dues within three months of receiving the necessary documents. “The high turnout from exporters confirms their trust in this mechanism,” he said.

Advisor to the Minister Nevin Mansour said payments will be processed through the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt, with transfers to other banks available at no cost via the Central Bank of Egypt.

The new mechanism builds on earlier initiatives launched since 2019—including the Instant Cash Payment Initiative—which has delivered around EGP 70 billion to nearly 3,000 exporters.