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Minister of Finance: We are working to quickly inject liquidity to exporters to meet the challenges

Minister of Finance: We are working to quickly inject liquidity to exporters to meet the challenges

Reda Al-Musalami

Dr. Mohamed Maait, Minister of Finance, confirmed that we are working to quickly inject liquidity to exporters, in accordance with the presidential directives aimed at supporting the productive and exporting sectors, in order to help them cope with the repercussions of the global crisis and current regional. challenges, emphasizing that “export support” will be paid in advance to beneficiaries of the seventh phase of the initiative. The “immediate cash payment” will begin on June 6 to pay 8 billion pounds, in addition to the two dates previously announced: June. August 27, 2024 and August 8, 2024, for companies that have completed their documents until June 30, 2023 for shipments, and with the same previous controls, so that a percentage discount is applied. Speeding up payment by 15% until shipments starting June 30. , 2021, and 8% for shipments from July 1, 2021 to June 30, 2022, and applying no discount rate for shipments from July 1, 2022, and beyond, explaining that financial settlements or compensation between claims will be made “. for exporters” and contributions from state agencies from taxes, customs, electricity and natural gas.

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The minister said: “We want to finance programs aimed at stimulating economic activity, in particular by supporting the industrial sector and export activities, as well as other initiatives, in the budget for the next financial year, with a total of 40.5 billion pounds, including: 23 billion. pounds sterling to continue the rapid recovery in export charges.

The minister added that the total value of government support to exporters that has been paid to exporting companies, over the last four years since the start of the initiatives to pay late contributions to the Export Development Fund in October 2019 until today Today, it amounts to around 55 billion. pounds for exporters, in addition to the eight billion pounds that will begin to be disbursed.

Nevin Mansour, Advisor to the Deputy Minister for Financial Policies and Institutional Development, said that the seventh phase of the “Instant Cash Payment” initiative aimed at supporting exporters saw remarkable demand, which was reflected in the progression of 2,500 exporting companies to the Ministry of Export. Finance since the opening of the receipt of applications, on March 10, until May 9 of this year, highlighting the series of successes achieved by the Ministry of Finance in its previous initiatives aimed at paying the arrears of support to exporters, in fruitful cooperation with the banking sector. Ministry of Trade and Industry and Export Development Fund.

She indicated that the export support is disbursed to beneficiaries of the “immediate cash payment” initiative, through the National Bank of Egypt, Bank of Egypt, Bank of Cairo and the Egyptian Export Development Bank.

Minister of Finance: We are working to quickly inject liquidity to exporters to meet the challenges

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