Egypt’s Minister of Trade and Industry Nevine Gamea announced, on Saturday, that the Export Development Fund (EDF) will release, on Sunday, the first batch of lump-sum payment of their export subsidy dues.
It comes as part of the lump-sum payment initiative recently announced by the Egyptian government, to settle the delayed dues of companies with the fund.
Under this initiative, exporters can receive their subsidy dues in full, instead of several instalments over four or five years, before the end of next December, provided that a 15% of the sum will be cut.
The initiative has been designed to provide exporters with cash liquidity required to fulfil their obligations and preserve employment.
Gamea said that, since 1 November, a total of 903 companies have submitted requests to the fund in order to benefit from the initiative. The first batch of payments will be made to about 323 companies, totalling EGP 3.2bn.
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