Sunday, April 18, 2021

Minister of Finance: The second phase of the “Exporters’ Immediate Cash Repayment” initiative attracted 1,601 companies

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6 successful government initiatives, the most recent of which is «immediate cash payment to support the government to exporters»

43 exporting companies spent 210.7 million pounds … and the rest of the beneficiaries on April 28 and June 17

Dr. Mohamed Maait, Minister of Finance, confirmed that we will continue to implement presidential directives to support the export sector, especially in facing the Corona crisis. As one of the pillars of the national economy, through the earnest endeavor to expedite the repayment of the export burdens due to the exporting companies with 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 pandemic, in a way that helps increase our production capabilities and enhance the competitiveness of Egyptian products in global markets.

The minister indicated, in a statement issued by the Ministry of Finance today, that the government has proposed 6 successful initiatives to repay the overdue amounts to support exporters with the Export Development Fund, the most recent of which is the second phase of the initiative of “immediate cash payment to support the government to exporters” at the Export Development Fund with a 15% discount to expedite repayment. , During the period from February 7 to 28, last year, which attracted 1601 exporting companies.

He said that by the end of last February, 210.7 million pounds had been disbursed to 43 exporting companies that joined the second phase of the Export Development Fund, and it is planned to disburse the late dues from “government support” for the rest of the exporting companies joining this stage on April 28 and June 17, indicating that The success of the first phase of this initiative prompted the government to launch a second phase with the same framework and conditions, including the dues of exporting companies with the Export Development Fund until the shipments of the end of June 2020.

He explained 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”, which was joined in the first phase by 1069 exporting companies, all of which disbursed all the overdue sums with the Export Development Fund before By 2021.

The minister praised the cooperation of the banking sector, the Ministry of Trade and Industry and the Export Development Fund in the “immediate cash payment” initiative, which contributes to the success of one of the fastest initiatives to return “late amounts to support exporters” of the Export Development Fund to exporting companies.

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, and 5.6 billion pounds were disbursed during the last fiscal year, and 2.4 billion pounds during the period 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, pointing out that these initiatives have effectively contributed to providing the necessary cash liquidity for the exporting companies to ensure the continuation of the production wheel, increase their production capabilities, expand the export base, and enhance the competitiveness of Egyptian products in international markets.

She added that all the exporting companies benefiting from the first phase of the “immediate cash payment” initiative disbursed all late export support amounts to the Export Development Fund, during the months of November and December last, with a total value of EGP 13.5 billion. Reflecting the government’s success in achieving the desired goals of this initiative, which was highly popular with exporters.

The article: Minister of Finance: The second phase of the “immediate cash issuers repayment” initiative attracted 1,601 companies that were written in the Al-Borsa newspaper.

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