EGP 800 mln disbursed in third phase of immediate cash initiative: Egypt's finance minister

MENA , Friday 1 Oct 2021

Finance Minister Mohamed Maait said on Friday that the government of Egypt paid out EGP 800 million to 302 companies under the third stage of immediate cash initiative.

Egyptian Finance Minister Mohamed Maait
Egyptian Finance Minister Mohamed Maait

The initiative aims at providing cash liquidity needed for exporting companies to fulfill their obligations towards their clients and keep employment by allowing the payment of up to 85 percent of the total value of exporters' dues rather than paying them in installments.

Another batch of beneficiaries will get their dues under this stage on 28 October, Maait said in statements.

The minister added that they are exerting the utmost efforts in coordination with the Ministry of Trade and Industry, the Central Bank of Egypt, four main banks engaged in the initiative and the Exports Development Fund to pay back exporters' arrears.

Maait pointed out that the third phase of the immediate cash payment initiative is a continuation of the successes that have been achieved in the first two phases that were implemented from November to December 2020, and the second phase from February to June 2021.

During the past two stages, more than 2,000 exporting companies received EGP 16.5 billion.

Under the initiative, the Ministry of Finance will pay the total of these amounts and their interests over three years to the banks participating in this initiative.

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