Egypt approves sixth phase of cash repayment to subsidise exporters

According to a cabinet statement on Thursday, Minister of Finance Mohamed Maait explained that the initiative aims to repay arrears to Egyptian exporters by the Export Development Fund.

The initiative, launched in 2020, reflects the government's keenness to support the export sectors by providing liquidity to exporters to expand their production and export activities amid exceptional global economic conditions, Maait added.

In September 2020, the government launched the first stage of the initiative, which targeted instant cash repayment of export companies’ arrears before the end of that year.