Egypt government is set to pay off 20 percent of the arrears to nine companies as part of the state export subsidy programme as a second tranche by July 2019. A source told Amwal Al Ghad the first tranche of the arrears were paid to the companies by the end of December 2019 adding that these companies have submitted have so far submitted their papers to the government to disburse a portion of the dues in exchange for implementing new expansions and injecting investments within the market. The list of the companies includes the Oriental Weavers Company, which has received 100 million Egyptian pounds at the end of last December, out of total of 500 million pounds dues along with four other companies in the textile and garment industries sector. It also included Unilever Mashreq, Schneider Electric, Fresh Electric for home appliances, and El Mohandes Jotun. The programme is a mandate of the Export Development Fund (EDF), aimed at providing an incentive package for Egyptian companies to push for more exports. The programme will work to fund financial incentives for exporters, improve export infrastructure, and settle financial obligations, including taxes. The government will complete paying off a total amount of arrears of 25 billion Egyptian pounds with in four year.
