Egyptian cabinet approves mechanism to settle export companies’ arrears

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The Egyptian cabinet has approved a proposed mechanism for settling arrears owed to exporting companies through the Export Development Fund, as per a statement.

The proposed mechanism aims to build on the achievements of the past five years, during which approximately EGP 70 billion was disbursed to around 2,500 exporting companies.

This initiative was implemented through a collaboration between the Ministry of Finance and the Ministry of Investment and Foreign Trade, represented by the Export Development Fund.

The new mechanism is designed to expedite payments for the remaining arrears, estimated at EGP 60 billion.

It offers flexible options to accommodate the varying needs and capabilities of exporting companies.

The first phase of the mechanism will enable the payment of 40-50% of the total outstanding arrears to these companies.