Finance Minister Mohamed Maait stressed on Sunday that the government will continue boosting the exports sector despite global economic challenges that disrupted world supply chains and caused an unprecedented price hike and skyrocketing shipping costs.
In statements, the minister said acting upon presidential directives the ministry disbursed 33 billion pounds to more than 2,500 exporting companies through immediate cash payment.
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.
The initiative came into force in October 2019 and is still going on till now, he added.
The last batch of the fourth stage of exporters, that was launched mid November, will get their dues by April 28, he added.
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.
Source: State Information Service Egypt