This decision brings the total number of companies benefiting from this phase to 1,590, with EGP 13 billion in export support disbursed between June and August 2024, the statement indicated. 

Minister Kouchouk pointed out that this aligns with Egypt’s goal to support the export sector by providing cash liquidity amid economic challenges.

He explained that the move aims to continue revitalizing exports, stimulate their growth, and enhance the competitiveness of Egyptian products in global markets.

Egypt plans to increase its annual exports to $130 billion as part of the government's programme for the coming three years.

Kouchouk stated that the government has disbursed EGP 66.9 billion to exporters, including the newest payment, since the launch of the Exports Development Fund's (EDF) late payment initiative in October 2019.

He also noted that the government will make financial settlements or clearings between export support dues and state agencies’ tax, customs, electricity, and natural gas dues.

Additionally, the minister affirmed that the government allocated EGP 23 billion within the FY2024/2025 budget to support exports and encourage investors to expand their exporting activities, as the ministry aims to help exporting companies with export burdens. 

The dues for the new batch of the seventh phase of the immediate cash payment initiative are disbursed through the National Bank of Egypt (NBE), Banque Misr, and the Export Development Bank of Egypt (EBank), Advisor to Vice Minister for Fiscal Policies and Institutional Development Nevine Mansour explained.