Cairo – Mubasher: A total of 2,351 exporting companies have benefited from the Egyptian government’s two initiatives related to the payment of overdue subsidies with a total amount of EGP 3 billion, Nevine Mansour, Adviser to the Deputy Minister of Finance, revealed.
Under the first initiative, 337 companies received their subsidies owed by the Export Development Fund with a value of EGP 1.2 billion, through deducting the same value from taxes and customs duties owed by them, Mansour said in a statement on Thursday.
In addition, the second initiative included the disbursement of the first tranche amounting to EGP 1.8 billion to 153 companies who requested to join the investment-for-subsidies initiative, she added.
Accordingly, 30% of all overdue export subsidies have been disbursed.
The ministry has launched a total of five initiatives related to the payment of overdue export subsidies to exporting companies.
