The Egyptian Finance Ministry is set to disburse EGP 8bn to exporters as part of the lump-sum export subsidy payment initiative. The upcoming fiscal year’s budget allocates EGP 40.5 billion for these initiatives, including EGP 23bn to address export-related challenges promptly. Over the past four years, the government has provided EGP 55bn in support to exporters, with an additional EGP 8bn slated for disbursement. The Ministry of Finance, in collaboration with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund, has successfully implemented previous initiatives to clear export support arrears. Export support payments are processed through the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Export Development Bank of Egypt (EBank).

Source: Daily News Egypt May 21, 2024 19:15 UTC