Minister of Trade and Industry, Ahmed Samir, announced that the ministry, represented by the Export Development Fund, has disbursed the first tranche of the seventh phase of lump-sum export subsidy payment to 478 companies. The total amount released is EGP 7bn, with a net disbursement of EGP 6.3bn. The minister highlighted that 20 companies had debts exceeding their dues, and they received a total support of EGP 70m. Amany El-Wassal, the executive director of the Export Development Fund, confirmed that the Fund is currently issuing certificates for the second tranche of the initiative. In early April, Minister of Finance Mohamed Maait emphasised the success of the lump-sum export subsidy payment.

Source: Daily News Egypt June 04, 2024 18:44 UTC