Egypt Sets the Stage for Export Growth with New Payment Initiative
In a move that underscores its commitment to supporting local exporters, the Egyptian government has unveiled a significant strategy aimed at expediting payments for outstanding dues. This initiative falls under the Export Development Fund and is part of a broader four-year plan designed to eliminate arrears and enhance the competitiveness of Egyptian products on the global stage. The payments will cover shipments made up to June 30, 2024, marking a pivotal effort in bolstering Egypt’s export economy.
Finance Minister Ahmed Kouchouk highlighted the importance of this initiative, stating, “Our commitment to repaying all outstanding dues to exporters is paramount. This plan not only injects vital liquidity into the market but also enhances the competitiveness of Egyptian products worldwide.” The government is keen to ensure that exporters receive their dues promptly, with a turnaround time of just three months following the submission of required documents.
Applications for this program will be accepted from August 17 to September 4, with a second payout scheduled for September 18. This fiscal year sees the largest-ever allocation for export support, with a whopping EGP 45 billion set aside to further promote Egypt’s exporting capabilities. Kouchouk noted that the high turnout from exporters during previous initiatives reflects their growing trust in the government’s mechanisms.
To facilitate these payments, the Ministry of Finance has partnered with major financial institutions, including the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. This streamlined approach allows for transfers to other banks at no cost through the Central Bank of Egypt, making the process more efficient for all parties involved.
This latest initiative builds on the success of previous programs such as the Instant Cash Payment Initiative launched in 2019, which has successfully distributed approximately EGP 70 billion to nearly 3,000 exporters.
With this renewed focus on export support, Egypt is poised not only to recover lost ground in international trade but also to establish itself as a formidable player in the global market. As local companies prepare to thrive, this initiative highlights the government’s determination to foster a resilient and dynamic economic environment.
Stay tuned for more updates on how these measures unfold, and join the conversation on the impact of government initiatives on Egypt’s economic landscape.
Country Tags: #Egypt #WorldNews
Category Tags: #BusinessNews, #Politics, #Tourism
