Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, said that 950 companies have applied for the second phase of the immediate disbursement of export subsidies initiative since 7 February.
Exporters interested in joining the initiative can submit their applications until 28 February, Maait added in a statement on Wednesday.
The initiative involves the payment of subsidies owed by Export Development Fund to exporters in a lump sum at a 15% discount instead of scheduling payments over four or five years.
Payments will be made before the end of February, before the end of April, and before the end of June.
Maait further revealed that the government spent about EGP 21.5 billion in a year to support exporters through six initiatives.
About 1,096 exporting companies that joined the first phase of the immediate disbursement of export subsidies obtained EGP 13.5 billion in overdue export subsidies in November and December 2020.
