Maait: "Immediate Cash Payment" Initiative for Exporters Runs Until Nov. 30

The Ministry of Finance and the Export Development Fund will continue to receive the requests of exporters wishing to benefit from the "immediate cash payment" initiative until next Monday, said Mohamed Maait.

Maait pointed out on Friday that companies which have applied so far to join this initiative and have fulfilled all the required documents can apply to any of the Banks participating in the initiative to pay their financial dues starting November 30 until the end of December.

The minister confirmed that the initiative has succeeded in attracting more than 1,500 exporting companies have applied since the beginning of November, as it allows immediate payment of export dues with a 15% discount of the total value, instead of paying the total value in installments over 4-5 years.

"The initiative contributes to providing cash liquidity, enabling companies in the export sector to fulfill their obligations to their customers and preserve employment in light of the corona pandemic," the minister pointed out.

The minister explained that more than EGP 8 billion have been disbursed to the exporting companies from October 2019 until the end of October 2020 to pay the late dues to the Fund.

The minister praised the cooperation between the banking sector, the Ministry of Trade, and the Fund, as banks finance the payment of late dues at a rate of 85%, and the public treasury pays the total of these amounts and their interest over 3 years to the banks, encouraging exporters to expand their investment activities, provide more job opportunities, and maximize Egypt's productive capabilities.