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Wednesday, 2 October 2019

More exporters to receive cash payments for overdue export subsidies this month

Gov’t continues to disburse overdue export subsidies: Several unnamed manufacturers will receive this month part of their overdue export subsidies through cash payments from the government, head of the Export Council of Building, Refractory, and Metallurgy Industries Waleed Gamal El Din told the press. He did not disclose the number of companies that will receive the payouts. Some 15 manufacturers are also working with the Finance Ministry to receive their arrears by writing off any taxes or customs owed to the government, he added.

Background: Egypt has so far inked undisclosed settlement agreements with Schneider Electric and Sumitomo Tires under the new EGP 6 bn Export Subsidy Fund. The government has received 100 requests from companies to settle around EGP 900 mn worth of overdue subsidy payments through the new mechanism.

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