1,590 companies benefit from the "Immediate Cash Payment" initiative with a total export support of about EGP 13 billion during the period from June to August 2024.

Ahmed Kouchouk, Minister of Finance, confirmed that today, Thursday 8^th of August, EGP 1.9 billion will be disbursed as a new payment to 560 exporting companies from the government's support for beneficiaries in the seventh phase of the "Immediate Cash Payment" initiative, bringing the number of companies benefiting from this phase to 1,590 companies, with a total export support of about EGP 13 billion disbursed during the period from June to August 2024, within the framework of what the State aims to support the export sector and provide cash liquidity in light of economic challenges, in order to push efforts to stimulate exports and stimulate their growth, and enhance the competitiveness of Egyptian products in global markets.

 

The Minister said that the total value of government support already paid to exporters since the beginning of the initiatives to pay overdue dues to the Export Development Fund in October 2019 will reach about EGP 66.9 billion for exporters after the new tranche, noting that financial settlements or clearing will also be made between the dues of "Exporter Support" and the dues of state agencies from taxes, customs, electricity and natural gas.

 

The Minister pointed out that EGP 23 billion has been allocated in the current fiscal year's budget to support exports and encourage investors to expand their export activities, aiming to support against the export burdens of exporting companies.

 

Nevin Mansour, Advisor to the Deputy Minister for Financial Policies and Institutional Development, explained that the dues of the new tranche  of the seventh phase of the "Immediate Cash Payment" initiative are being disbursed through the National Bank, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt, noting that the seventh phase of the "Immediate Cash Payment" initiative aims to provide cash liquidity to exporting companies to encourage them to expand their production and export activities, especially in light of the exceptional circumstances witnessed by the global economy, which cast their shadows on the economies of various countries, including Egypt.