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RIYADH: Egypt has granted a total of 33 billion Egyptian pounds ($1.79 billion) to over 2,500 exporting firms since October 2019 up until today, according to the country’s Ministry of Finance.

This comes as the government aims to support the export sector by disbursing the Export Development Fund, which began to be implemented in October 2019.

By providing cash liquidity to exporters, the government is ensuring the continuation of the production cycle, in an attempt to maximize exports.

The final batch of beneficiary exporters in the fourth phase of the “immediate cash payment” initiative is set to receive their dues on the April 28, 2022.

The “immediate cash payment” initiative has been implemented for export shipments from July 1, 2021 until July 30, 2021, with a discount rate of 8 percent acceleration payment instead of the percentage that was in force of 15 percent. 

For the first time, exporting players in the ceramic, automobile, and the pharmaceutical sectors will be allowed to apply to join the initiative.

It is important to note that the African country aims to hit $100 billion in terms of annual exports.