Friday, February 26, 2021

950 companies enter the second phase of the immediate payment initiative to support exporters

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Maait: The government spent 21.5 billion pounds during the year to support the export sector and exporters through 6 initiatives

Dr. Mohamed Maait, Minister of Finance, said that the second phase of the initiative of “immediate monetary payment to support the government to exporters” at the Export Development Fund with an expedited payment discount of 15%, witnessed a remarkable turnout from exporting companies.

Maait added that the number of applicants since the door to receive applications was opened on February 7 and until now has reached 950 companies that have expressed their desire to benefit from the advantages of this initiative.

He explained that this comes within the framework of the government’s efforts to implement presidential directives to support the export sector and to speed up the return of the export burdens due to the exporting companies in the Export Development Fund for shipments until the end of last June. In a way that contributes to providing cash liquidity that enables exporting companies to fulfill their obligations towards their customers and preserve workers in light of the Corona pandemic, in a way that helps increase our production capabilities and enhance the competitiveness of Egyptian products in global markets.

He pointed out that the requests of exporting companies wishing to join the second phase of the initiative “immediate cash payment to support the government to exporters” will continue to be received at the Export Development Fund until February 28 at the Ministry of Finance every day from nine in the morning until seven in the evening except on Friday and Saturday.

He said that the success of the first phase of this initiative prompted the government to launch a second phase with the same framework and conditions, which includes the dues of exporting companies with the Export Development Fund until the shipments of the end of June 2020, provided that there is an opportunity to complete the documents with the fund before the end of February 28.

He added that the dues of exporting companies joining the second phase of the “immediate cash payment to support the government to exporters” initiative will be disbursed with a 15% expedited payment discount in three dates: before the end of February, before the end of April, and before the end of next June.

He explained that the companies benefiting from the first phase of this initiative, which have remaining dues, and the ones that did not disbursed, or did not participate in the initiative, can apply to join the second phase.

He pointed out that the government spent about 21.5 billion pounds during a year to support the export sector and exporters, through 6 initiatives, the last of which was the initiative of “immediate cash payment to support the government to exporters” with a 15% discount, which was joined in the first phase by 1069 exporting companies, all of whom spent all the sums. Late in the Export Development Fund before 2021.

The minister said that all the exporting companies benefiting from the first phase of the “immediate cash payment” initiative spent all late export support funds with the Export Development Fund during the last months of November and December, with a total value of EGP 13.5 billion. In a way that reflects the government’s success in achieving the desired goals of this initiative, which was highly popular with exporters.

He praised the cooperation of the banking sector, the Ministry of Trade and Industry and the Export Development Fund in the first phase of the “immediate cash payment” initiative, which contributed to the success of one of the fastest initiatives that was implemented to return the “late amounts to support exporters” of the Export Development Fund to the exporting companies, as it took about Two months from the first day of opening the door for receiving applications until the last exchange day.

Nevin Mansour, an advisor to the Deputy Minister of Finance, said that the previous five initiatives put forward by the government to pay back sums to support exporters with the Export Development Fund, 2,500 exporting companies benefited from them, and 5.6 billion pounds were disbursed during the last fiscal year, and 2.4 billion pounds during the period. From the first of July until the 25th of last November, with a total of about 8 billion pounds to repay the amounts of support for exporters.

She added that these initiatives have effectively contributed to providing the necessary cash liquidity to the exporting companies, in order to ensure the continuation of the production wheel, increase their production capabilities, expand the export base, and enhance the competitiveness of Egyptian products in global markets.

The article, 950 companies entering into the second phase of the immediate payment initiative to support exporters, was written in Al-Borsa newspaper.

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