Egypt: Finance Ministry to disburse 50% of exporters' overdue subsidies starting August 7th
The actual payment will take place on August 7th, through the four participating banks: the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Export Development Bank of Egypt (EBank).
Kouchouk explained that the dues of around 2,400 exporting companies are expected to be disbursed, with a total value exceeding EGP 25 billion.
The dues are for shipments before the end of June 2024 over a four-year period, starting from the fiscal year of 2025/2026.
This will contribute to providing cash liquidity to exporters and encourage them to expand their production and export activities.
He outlined that this falls under the government's financial policies for economic activity to boost private sector-led growth rates.
On her part, Nevine Mansour, Advisor to the Minister of Finance for Financial Policies, said that 50% of exporters' dues will be settled through the clearing system from their debts owed to the tax, customs, insurance, electricity, and gas entities.
A total of EGP 70 billion was disbursed to more than 2,800 exporting companies between 2019 and 2024, added Mansour.
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