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Sunday, 16 February 2020

Exporters owed less than EGP 5 mn to receive overdue subsidies without delay- Egypt’s trade minister

Exporters owed less than EGP 5 mn in overdue subsidies will receive their full arrears without delay, Trade Minister Nevine Gamea said at a media roundtable yesterday, according to Hapi Journal. The trade and finance ministries will also be paying out over the next few days an additional 10% to larger exporters that were promised by Prime Minister Moustafa Madbouly last month, Gamea added.

According to Gamea, authorities have so far paid out EGP 924 mn to some 1100 companies, compensating them for bns of overdue subsidies under an old framework. Agreements have also been signed with 67 large companies that will see EGP 6 bn paid out over the coming five years as long as they commit to new investments.

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