By: Ahmed Allam & Islam Fadl
Cairo – Mubasher: Egypt has recently paid an amount of EGP 1.4 billion from the export subsidy arrears to exporters in tandem with the adoption of a new programme, the country's minister of finance Mohamed Maait said.
The Ministry of Finance is currently in talks with exporters to deduct the due subsidies from the costs of industrial lands, taxes, or custom duties, Maait told reporters on the sidelines of Euromoney conference on Monday.
It is noteworthy that the Export Development Fund (EDF) has allocated export subsidies worth EGP 6 billion for fiscal year 2019/2020, up from EGP 4 billion in the prior fiscal year.
