Dispensing payables to 2400 exporting companies, totaling more than EGP 25bn

Minister of Finance, Ahmed Kouckouk, affirmed that 50% of payables to exporters will be dispensed in cash for the shipments made before end of June 2024, and this will take place through four years as of 2025-2026 fiscal year, pointing out that payables to about 2400 exporting companies are expected to be dispensed, totaling more than EGP 25bn, which would contribute to providing liquidity for exporters to encourage them expand their productive and export activities.

 

This comes as part of the more inclusive financial policies that positively reflect on the economic activity and push forward the growth rates achieved by the private sector.

 

Kouckouk stated that the Ministry of Finance started the executive procedures to dispense 50% of payables to the exporting companies, in cash, in coordination with Export Development Fund, and the actual disbursement will take place next August 7^th, through the four participating banks "National Bank of Egypt, Banque Misr, Banque du Caire – Export Development Bank", affirming that we are committed to complete the payment of all arrears to exporters for the shipments made before June 2024.

 

Advisor to the Minister of Finance  for Economic Institutions Relations, Nevine Mansour, said that 50% of "payables to exporters" will be settled by clearing from their debts to the authorities of Tax, Customs, Insurance, Electricity and Gas.

 

Nevine Mansour stated that EGP 70bn was dispensed to support over 2800 exporting companies from 2019 to 2024.