Egypt: Maait - Over 1,600 Companies Apply for 3rd Stage of Instant Cash Repayment Initiative

Finance Minister Mohamed Maait said over 1,600 export companies have submitted their applications to benefit from the third stage of the instant cash repayment initiative that aims to disburse companies' arrears from the Export Development Fund (EDF).

More than 2,000 companies joined the initiative during the two stages, with total disbursements of EGP 16.4 billion, he said.

The government received applications from July 4 to 29.

The first stage was implemented in November-December 2020 and the second stage from February to June 2021.

The initiative contributes to providing cash liquidity that enables export companies to fulfil their financial obligations, keep their labor force, and boost the competitiveness of Egyptian products in international markets amid the crunch caused by the coronavirus.

The initiative targeted instant and cash repayment of export companies' arrears from the EDF at a repay acceleration discount of 15 percent.

The initiative is implemented in collaboration with the banking system. The finance ministry deposited a guarantee at the Central Bank of Egypt to allow the payment of arrears of companies that join the initiative and are willing to pay their entire dues.

MENA

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