Egypt: The Minister of Finance of Egypt – Mohamed Moit, has confirmed that the third instalment of the sixth stage of the “Instant Cash Payment” initiative will be disbursed to the exporting companies that benefited from the initiative on August 16 and 17, 2023.
The Minister has emphasized that the initiative has been a significant move by the Ministry of Finance in tackling many issues.
According to the shared information, Minister Mohamed Moit stated that the Ministry of Finance had spent about 8 billion pounds of the total value of the export support due to more than 800 companies exporting in two instalments during the first and second of the sixth stage of the «Instant cash payment» initiative.
In addition, the Minister took it to convey that the sixth stage of the “Instant Cash Payment” initiative aims to support export burdens for companies that meet the files with the Export Development Fund until the charges of December 31 2023.
Furthermore, it was also stressed that under the same previous regulations, the payment accelerated rate was deducted by 15% until June 30, 2021, and 8 % on charges from July 1, 2023, to June 30, 2023, no discount on orders will be applied from July 1, 2023 onwards.
In his remarks, Nevin Mansour, the Adhttps://tribunalcommunity.com/news/54669/the-wow-clubs-all-lady-travellers-share-glimpses-from-egypts-diaries/visor to the Deputy Minister for Financial Policy and Institutional Development, clarified that the arrears of the third instalment are being paid in the sixth stage of the “instant cash payment” initiative through Al-Ahli Bank, Bank of Egypt, Bank of Cairo, and the Egyptian Bank for Export Development.
Moreover, the advisor indicated that 50 billion pounds have been paid to the exporting companies since the beginning of the late payment initiatives.
The sources of the Export Development Fund in October 2019 are in cooperation and coordination with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund.
In the end, it was pointed out that the sixth stage of the initiative aims to provide cash liquidity to export companies to stimulate the expansion of production and export activities, especially in light of the exceptional circumstances of the global economy, and it will receive economies of various countries, including Egypt.