Egypt to disburse EGP 4 bln to 744 exporters under support initiative

Ahram Online , Tuesday 15 Aug 2023

The Egyptian government is set to disburse EGP 4 billion ($129.4 million) to support 744 export companies on Wednesday and Thursday, Minister of Finance Mohamed Maait said in a statement on Tuesday.

Cargo ship in the Mediterranean Sea. Ahram Gate.
Cargo ship in the Mediterranean Sea. Ahram Gate.


The amount will be the third tranche of the sixth and final phase of the $12 billion arrears cash-repayment initiative to support 1,558 exporters.

"The government has paid EGP 8 billion to over 800 companies in the first and second phases of the initiative," Maait stated.

In early August, the Cabinet approved the allocation of an additional EGP 2 billion for the sixth phase of the initiative.

The government has disbursed more than EGP 50 billion to exporters since the launch of the initiative in October 2019.

Egypt has set a goal of raising annual exports to $100 billion by 2030.

During the first nine months of FY2022/2023, the country's trade deficit dropped by 29 percent, down to $23.6 billion.

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