Egypt has allocated a total of LE 1.9 billion to 560 exporting companies as part of the instant cash payment initiative, according to a statement by Minister of Finance, Ahmed Kouchouk.

This phase saw 1,590 companies benefitting, receiving a total export support of about LE 13 billion from June to August 2024.

Since October 2019, the government’s support to exporters has amounted to approximately LE 66.9 billion, including the initiative to pay late dues to the Export Development Fund.

For the current fiscal year, LE 23 billion has been allocated to bolster exports, Kouchouk added.

In the previous fiscal year, Egypt provided LE 12.9 billion to support exports, bringing the total value of export support to over 3,000 companies to LE 65 billion since October 2019.

Minister Kouchouk highlighted that six stages of the Egyptian export support initiative were implemented between 2019 and 2023, benefiting more than 2,351 companies with a total support of LE 54.15 billion.

The seventh stage has commenced, with
900 companies already benefiting during FY2023/2024, receiving LE 8 billion in support.

Source: State Information Service Egypt