Egypt adds EGP 2 bln to 6th phase of exporters support initiative

Ahram Online , Thursday 3 Aug 2023

The Egyptian Cabinet approved allocating an additional EGP 2 billion ($64.73 million) for the sixth phase of the cash repayment initiative to support exporters, according to a statement on Wednesday.

Egypt s maritime terminal in Alexandria governorate, dubbed Tahya Misr (Long Live Egypt), (Photos co
Egypt s maritime terminal in Alexandria governorate, dubbed Tahya Misr (Long Live Egypt), (Photos courtesy of the Egyptian Ministry of Transportation).

 

The new amount brings the total funding allocated to the sixth phase of the initiative to EGP 12 billion.

The Egyptian government started disbursing EGP 8.7 billion under the first tranche of the sixth phase as of 5 July.

The initiative provides instant cash repayment of export companies’ arrears.

More than EGP 42 billion has been disbursed under the initiative since its launch in October 2019.

Egypt is aiming to increase total annual exports to $100 billion by 2030. During the first nine months of FY 2022/23, the country's trade deficit tumbled by 29.8 percent to only $23.6 billion. 

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