Egypt to launch 3rd stage of exporters support programme

Egypt’s government, through the finance ministry, will launch the third stage of the exporters support programme on Sunday, according to Minister of Finance Mohamed Maait.

The third stage is dedicated to repaying the arrears of exporters that are due till the end of June, said Maait.

Maait said that the action comes in implementation of President Abdel-Fattah El-Sisi’s decision to back exporting companies amid the ongoing COVID-19 crisis.

The programme is a presidential initiative that allows exporters to receive their arrears from the Export Development Fund (EDF) as instant cash repayments.

In September 2020, the government had launched the first stage of the initiative that targeted instant cash repayment of export companies’ arrears before the end of 2020 at a repay acceleration discount of 15 percent, while it came into effect in November.