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Wednesday, 17 November 2021

Export Development Fund needs more time to pay arrears

Export Development Fund needs more time to pay arrears: The Export Development Fund is extending the third phase of its subsidy program until 23 December to give it more time to pay out arrears to exporters, Al Borsa reports. Began in July, the third phase of the program was supposed to end in mid-November but the fund has had to push the end date to ensure businesses get their dues.

The program allows exporters to receive overdue subsidies in a single payment rather than in installments over four to five years, in return for a 15% haircut. Some 2.5k exporters have received a combined EGP 30 bn in overdue subsidies since the program launched in November last year.

Fatal train crash in Giza: Two people died and three were injured in a train collision with a truck at Mansha’at El Qanater crossing in Giza.

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