Finance Minister Mohamed Maait said Friday that the Finance Ministry spares no effort to support the industrial and export sectors according to presidential directives that aim at cushioning the impact of the global economic crisis, which is even heightened due to the Russian-Ukrainian war.

Up to EGP 10 billion will be earmarked to launch the fifth phase of the instant cash payment initiative meant to support exporters, and repay their export rebates to ensure a healthy turnover, Maait said.

The move also aims at supporting the exporters in maintaining their labor force, expanding their export base, and increasing the Egyptian products’ competitiveness, the minister said, adding that this would in turn contribute to boosting economic growth and meeting the development targets, he added.

Source: State Information Service Egypt