Egypt to allocate funds under 5th phase of immediate cash payment initiative
Newspaper Title: https://www.zawya.com/
Newspaper Number:
Monday - 22 August 2022
Arab Finance: Egyptian Ministry of Finance will allocate a sum of EGP 10 billion to launch a fifth phase of the immediate cash payment initiative to support exporters, Minister of Finance Mohamed Maait stated in a statement on August 19th.
This move will accelerate the process of supporting exporting companies to provide them with enough cash to continue production, expand the base of exports, and reinforce the competitiveness of Egyptian products in regional and global markets, Maait said.
The ministry is already receiving requests from exporting companies aiming to benefit from the fifth phase of the immediate cash disbursement initiative, he pointed out.
Moreover, the minister noted that two dates have been set to disburse receivables for beneficiaries who meet the required conditions; on October 1st and December 1st.
For his part, Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk said that the Export Development Fund has disbursed over EGP 33 billion to exporters since the launch of the export subsidy program in October 2019 until now.
