We seek providing the liquidity required for enhancing competitiveness of Egyptian exports in global markets

Minister of Finance, Ahmed Kouchouk affirmed that about 2000 exporting companies will receive around EGP 5bn next August 7^th as a first tranche of the 50% of accruals in cash, in conformity with the new mechanism approved by the Cabinet for paying the accruals of exporters from Export Development Fund, with respect to the shipments, until the end of June 2024.

 

"This step mirrors our commitment to pay all accruals to exporters through four consecutive years, starting from this fiscal year. It also contributes to supporting the export sector, providing the liquidity required for exporters, aiming at boosting exports and enhancing the competitiveness of Egyptian products in global markets," said Kouchouk.

 

In a new step toward the confidence-based partnership with investors, the Minister stated that in view of exporters great cooperation, we will open the doors again – from August 17^th to September 4^th 2025 – to receive the companies having certificates from the Export Development Fund, in an effort to support exporters and to allow as many of them as possible to complete their files to benefit from the said mechanism, as a preliminary stage for dispending the accruals on an additional day "next September 18^th".

 

"This fiscal year witnesses allocation of the biggest amount for supporting exports in the history of state public budget, recording EGP 45bn, which contributes to alleviating the burdens of exports this year within three month only after completion of the required documents, as well as to implement the new mechanism approved by the Cabinet to complete payment of accruals from Export Development Fund, to build on the achieved success in coordination with the Ministry of Investment and Foreign Trade which started launching many initiatives to support exporters as of 2019, including the ad hoc cash payment initiative with its seven stages, from which about 3000 exporting companies benefited with about EGP 70bn.

 

Nevine Mansour, Adviser to Minister of Finance for Economic Institutions Relations, pointed out that the first tranche of this mechanism will be dispensed through four banks, including "NBE, Banque Misr, Banque du Caire, and Export Development Bank of Egypt."

 

"In cooperation with the Central Bank of Egypt and the banking sector, and as part of our keenness to facilitate the process of dispensing accruals for exporters, the value of certificates issued for some exporting companies that do not have banking accounts at the aforementioned four banks, will be transferred to their accounts at other banks with no administrative fees," said Nevine.