According to the minister, 601 exporting companies have received EGP 368 million (approximately $11.9 million) as part of this first payment, in addition to funds disbursed on August 12. Kouchouk stated that the government is committed to providing the necessary liquidity to boost exports and enhance their global competitiveness.
He noted that the current fiscal year's budget has allocated
45 billion pounds for the new export support program, double the previous
amount. The program aims to reimburse exporters for the current fiscal year
within three months of them submitting the required documents.
This new mechanism builds on a series of initiatives
launched in 2019 to support exporters, including a seven-stage immediate cash
payment initiative that benefited nearly 3,000 companies and disbursed
approximately 75 billion pounds.
Nevin Mansour, the finance minister's adviser for economic institution relations, said the payments were processed through four major banks: the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. Mansour added that the Central Bank of Egypt facilitated the process, allowing certificates for companies without accounts at these four banks to be transferred to their accounts at other banks without any administrative fees.