CAIRO – 27 June 2024: Egypt is set to distribute LE 3 billion to 362 exporting companies today as part of the instant cash payment initiative, as announced by Minister of Finance, Mohamed Maait. Since October 2019, the government has provided approximately LE 62 billion in support to exporting companies. In the fiscal year 2024/2025, a total of LE 40.5 billion has been allocated for these purposes, including LE 23 billion specifically aimed at reducing export burdens. In June 2024, Egypt had already disbursed LE 5 billion to 360 exporting companies benefiting from the instant cash payment initiative. Furthermore, in May, Minister Maait had announced that Egypt would provide LE 8 billion in support to beneficiaries of the instant cash payment initiative, effective from June 6.

Source: Egypt Today June 27, 2024 12:03 UTC