The decision comes under Egypt’s strategy to raise its exports to $100 billion per annum under the directives of President Abdel-Fattah El-Sisi, Maait explained.
The minister also said that the government has disbursed EGP 33 billion for over 2,500 export companies under the initiative from the Export Development Fund as well as other initiatives to support the export sector since its launch in October 2019.
Beside this initiative, the cabinet approved five other initiatives since October 2019 to settle exporters’ arrears.
The initiatives included repaying small investors a maximum of EGP 5 million, the repayment of 30 percent of all arrears to exporters, holding a set-off between exporters’ arrears and the payable tax and custom obligations on them, the repayment of the total arrear sums over four to five years while expanding exporters’ investments in return, and the land allocation initiative.
“Despite the ongoing global economic challenges, the government continues to support the export sector under the president’s directives by availing the liquidity that enables companies to fulfil their financial obligations and preserve their workforce. The world is facing an unprecedented wave of inflation owing to supply chain disruptions and the sharp increase of commodities and shipping costs, which all impose pressures on the state’s budget,” Maait highlighted.
Furthermore, the minister said that the final payment under the initiative’s fourth phase, which launched in mid-November, will be disbursed on 28 April.
Despite the COVID-19 pandemic and its severe impacts, Egypt’s exports managed to record an all-time high of $45.2 billion in 2021 for oil and non-oil commodities, according to the Ministry of Trade and Industry.