The payment represents the first installment of a new mechanism approved by the Council of Ministers to settle 50% of overdue payments to exporters from the Export Development Fund for shipments up to the end of June 2024.
Finance Minister Ahmed Kouchouk said the move underscores
the ministry's commitment to settling all outstanding payments to exporters over
four consecutive fiscal years, beginning with the current one. He added it aims
to boost the export sector, provide crucial liquidity to exporters, stimulate
export growth, and bolster the competitiveness of Egyptian products globally.
Kouchouk also announced a new window for applications from
companies holding Export Development Fund certificates, running from August 17
to September 4, 2025, with an additional disbursement day set for September 18.
This comes "in a new step demonstrating a partnership of trust with
investors," he said, following significant interest from exporters.
The current fiscal year marks the largest allocation ever
for export support in the state's general budget, totaling 45 billion pounds.
This will facilitate the reimbursement of export burdens for the current fiscal
year within just three months of companies completing the required
documentation, and will implement the new cabinet-approved mechanism to
finalize overdue payments from the Export Development Fund.
This builds on successful collaborations with the Ministry
of Investment and Foreign Trade, which since 2019 has launched several
initiatives to support exporters. These include a seven-stage immediate cash
payment initiative that has benefited some 3,000 exporting companies with
approximately 70 billion pounds.
Nevin Mansour, Advisor to the Finance Minister for Economic
Institutions Relations, clarified that the initial disbursement will be made
through four banks: National Bank of Egypt, Banque Misr, Banque du Caire, and
Export Development Bank of Egypt.
She added that in cooperation with the Central Bank and the banking sector, the value of certificates issued to exporting companies without accounts at the four designated banks will be transferred to their accounts at other banks, free of administrative charges, to streamline the process.