Finance minister:Increasing demand on joining 2nd stage of initiative on export payment
Wednesday، 17 February 2021 - 04:39 PM
Minister of Finance Mohamed Maait has said an increasing demand on joining the 2nd stage of the Export Development Fund (EDF)'s initiative on exporters lump sum payment of export subsidy dues that provides a 15% payment cut is remarkable.
In statements on Wednesday 17/2/2021 Maait said the initiative came in line with the government's implementation of presidential directives to support the export sector and settle delayed dues of the companies with the fund till the end of June 2020.
As many as 950 export companies have submitted requests to join the initiative as of Feb 7, he said.
According to the minister, the launching of the second phase has been prompted by tangible success achieved in the first stage that highly contributes to providing financial liquidity, thus enabling exporting companies to deliver commitments before all customers, especially amid the current financial situation posed by Covid-19 pandemic.
All measures are meant to increase productivity and hone competitiveness of Egyptian products at world markets, said the minister.
The second phase of the initiative for companies with due financial liabilities with the fund will flow on three steps each to conclude before the end of February, April and June respectively, the minister added.
The Ministry will continue to receive requests from exporting companies wishing to benefit from the initiative till Feb.28 at the Ministry's headquarters starting from 9 am till 7 pm CLT (except for Fridays and Saturdays), he noted.