Lebanon raises fuel prices for 2nd time in 5 days    Salah in fifth place on highest-paid football players list: Forbes    Egypt electricity minister leads high-level delegation to 65th IAEA General Conference    Ravaged by war, Syrian rebel area struggles with virus surge    US top military officer meets with Russian counterpart    At UN, Moon pushes peace with NKorea after missile tests    Beating terrorism with progress    Seven female Afghan taekwondo athletes resettle in Australia    A comeback win will help boost the team's morale: Atletico's Suarez after Getafe win    China, US unveil separate big steps to fight climate change    Dune    'Soul-crushing': US COVID-19 deaths are topping 1,900 a day    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    President Sisi says River Nile lifeline for Egyptians, slams Ethiopia's intransigence in GERD talks    No more paper invoices    Egypt's stocks end in red on Tuesday as benchmark EGX 30 drops 1.98%    Ethiopia lacked 'sincere' will to reach agreement on GERD dispute in a decade of negotiations: Egypt's irrigation minister    Egypt to host African Development Bank 2023 annual meetings    Egypt mourns death of former Defence Minister Mohamed Hussein Tantawy    UAE-based Alameda to invest around $318 mln in Egypt in five years    Egypt to be removed from England's red travel list on September 22    Jordan hosts energy meeting today to discuss transporting Egyptian gas to Lebanon    Russia permits airlines to resume flights from 49 cities to Egypt    Egypt's Abu Soma Development partners with KOMPASS Education    Sisi: coronavirus vaccines in Africa 'far less' than actual needs    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    US emphasises AU's role in mediating Ethiopian damdispute    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    Egypt denounces Ethiopia's move to start second filling of giant dam    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Over 1600 exporters applied to obtain their arrears through cash repayment initiative's 3rd stage : Finance minister
Published in Ahram Online on 29 - 07 - 2021

Over 1600 export companies submitted their requests to benefit from the cash repayment for exporters initiative in its third stage, Finance Minister Mohamed Maait announced on Thursday.
The Ministry of Finance launched the initiative's third stage on 30 June, allowing exporters to submit requests as of 4 July through 29 July.
The initiative allows export companies to obtain their arrears from the Development Fund as instant cash repayments.
It was launched in implementation of President Abdel-Fattah El-Sisi's directive to support the export sector, particularly amid the ongoing COVID-19 crisis that affected the sector severely.
Maait explained that the arrears of this stage are expected to be disbursed by the end of September through the end of October with an acceleration discount of 15 percent.
In September 2020, the government launched the first stage of the initiative that targeted instant cash repayment of export companies' arrears before the end of 2020, which came into effect in November.
A sum of EGP 16.4 billion was disbursed to 2,000 export companies that registered in the programme's two previous stages, according to the finance ministry.
Since the launch of all initiatives that target cash repayments for exporters' arrears in October 2019, beneficiaries have received EGP 28 billion — the biggest support extended to Egypt's export sector ever.
Nevine Mansour, an advisor to the deputy finance minister for financial policies, said that 2,500 export companies benefited from the other five initiatives, with a total of EGP 5.6 billion disbursed to exporters in FY 2019/2020 and EGP 2.4 billion handed out from July to November 2020.
The cabinet has approved five initiatives since October 2019 to settle exporters' arrears through June 2019.
The initiatives included repaying small investors a maximum of EGP 5 million, the repayment of 30 percent of all arrears to exporters, holding a set-off between exporters' arrears and the payable tax and customs obligations on them, the repayment of the total sum of arrears over four to five years while expanding their investments in return, and the land allocation initiative.

Clic here to read the story from its source.