Egypt Releases First Tranche Of 7Th Phase Of Lump-Sum Export Subsidy Dues Payment

(MENAFN- Daily News Egypt) Minister of Trade and Industry, Ahmed Samir, announced that the ministry, represented by the Export Development Fund, has disbursed the first tranche of the seventh phase of lump-sum export subsidy payment to 478 companies. The total amount released is EGP 7bn, with a net disbursement of EGP 6.3bn.

The minister highlighted that 20 companies had debts exceeding their dues, and they received a total support of EGP 70m. Additionally, 156 companies are awaiting a review of their tax positions, as well as their debts for electricity and gas.

Amany El-Wassal, the executive director of the Export Development Fund, confirmed that the Fund is currently issuing certificates for the second tranche of the initiative. Disbursement for this phase is scheduled for 27 June. All participating companies are being continuously notified without interruption.

In early April, Minister of Finance Mohamed Maait emphasised the success of the lump-sum export subsidy payment. Since the application process opened on 10 March, approximately 1400 exporting companies have applied to the Ministry of Finance. Joining the initiative allows them to receive export subsidies, contributing to increased cash liquidity and flexibility in dealing with the current global economic crisis.

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