Mohamed Maait, Minister of Finance, said that the third batch of the sixth phase of the lump-sum export subsidy payment initiative will start on Wednesday and Thursday. The amount will be disbursed to 744 exporting companies, with the total sum amounting to EGP 4bn. The value of the subsidy dues for the entire sixth phase is approximately EGP 12bn for 1,558 companies. In a statement by the Ministry of Finance issued on Tuesday, the Minister said that the cabinet agreed to increase the allocations for the sixth phase of the initiative to EGP 2bn, making the subsidiesEGP 12bn instead of EGP 10bn. He added that the Ministry of Finance disbursed about EGP 8bn to more than 800 exporting companies, in the first and second installments of the sixth phase of the immediate cash payment initiative, with the same previous controls. The rate of payment acceleration deducted was 15% until the shipments of 30 June 2021, 8% on the shipments from 1 July 2021 to 30 June 2022, and zero discount rates were applied on the shipments from 1 July 2022 onwards. The Minister pointed out that the same export subsidy rules for the fiscal year 2021/2022 will be applied on the export subsidy dues for the fiscal year 2022/2023. Nevine Mansour, Advisor to the Deputy Minister for Financial Policies and Institutional Development, explained that the fruitful cooperation with the banking sector, the Ministry of Commerce and Industry, and the Export Development Fund has greatly reinforced the success of the immediate cash payment initiative to support exporters in its five phases. She added that the exchange procedures are carried out through the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. She added that more than EGP 50bn have been disbursed to exporting companies, since the start of initiatives in October 2019 until now.
