Since the inception of the lump-sum export subsidy dues payment initiative by the Export Development Fund in October 2019, the government has provided approximately EGP 55bn in support to exporting companies. With the completion of the seventh phase of the initiative, this support is expected to reach EGP 70bn. Starting Thursday, 360 exporting companies eligible for the seventh phase will receive EGP 5bn. Mansour clarified that the seventh phase adheres to the same previous controls. Export support is disbursed through the initiative of the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Egyptian Export Development Bank.

Source: Daily News Egypt June 06, 2024 09:04 UTC