Egypt to allocate funds under 5th phase of Immediate Cash Initiative

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Arab finance: The Egyptian Ministry of Finance will allocate a sum of EGP 10 billion to launch a fifth phase of the immediate cash payment initiative to support exporters, Finance Minister Mohamed Maait said in a statement on August 19e.

The decision will speed up the process of supporting exporting companies to provide them with enough cash to continue production, broaden the export base and enhance the competitiveness of Egyptian products in regional and global markets, Maait said.

The ministry is already receiving applications from exporting companies to benefit from the fifth phase of the immediate cash disbursement initiative, he said.

In addition, the Minister noted that two dates have been set for the disbursement of claims for beneficiaries meeting the required conditions; October 1st and December 1st.

For his part, Deputy Finance Minister for Tax Policy and Institutional Reform, Ahmed Kouchouk, said the Export Development Fund has disbursed more than EGP 33 billion to exporters since the launch of the subsidy scheme. export in October 2019 till now.

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