The Egyptian Ministry of Finance has announced the successful completion of the first phase of a new export support mechanism, with EGP 368 million disbursed to 601 exporting companies. This initiative is part of a broader strategy aimed at accelerating payments of overdue export subsidies and stimulating the nation’s export sector through enhanced liquidity and competitiveness.
Finance Minister Ahmed Kouchouk confirmed that the cash payouts were made under the new framework approved by the Egyptian Cabinet to clear backlogged dues owed to exporters by the Export Development Fund for shipments made through June 30, 2024.
EGP 45 Billion Allocated for New Export Support Program
The new fiscal year sees a record allocation of EGP 45 billion to support Egyptian exporters — double the funding level of previous years. This unprecedented increase underlines the government’s strategic emphasis on exports as a key pillar for economic growth and foreign currency generation.
Under the updated mechanism, exporters are expected to receive export rebate payments within three months of submitting complete documentation — a significant acceleration from previous timelines.
This initiative is a continuation of a series of export support programs launched since 2019 in coordination with the Ministry of Investment and Foreign Trade, including the highly successful Immediate Cash Payout Initiative, which in its seven phases disbursed approximately EGP 75 billion to around 3,000 companies.
Inclusive Banking Support with Zero Administrative Fees
Dr. Nevine Mansour, Advisor to the Minister of Finance for Institutional Relations, emphasized the role of Egypt’s leading banks in executing the payments. The first tranche was processed through:
- National Bank of Egypt
- Banque Misr
- Banque du Caire
- Export Development Bank of Egypt
To ensure broader accessibility, exporters without accounts at these four banks had their funds transferred seamlessly through other banking institutions in cooperation with the Central Bank of Egypt, without incurring any administrative fees.
Strategic Implications for Export-Led Growth
The newly introduced framework signals a firm commitment by the Egyptian government to strengthen the export sector, reduce financial burdens on exporters, and position Egyptian products more competitively in international markets. The disbursement of overdue payments is expected to inject vital liquidity into the economy, supporting job creation and industrial growth.
The Ministry reiterated its goal to build a sustainable export ecosystem, with policies rooted in financial inclusion, transparency, and accelerated governmental support — aligning with Egypt’s broader economic reform agenda and Vision 2030 objectives.
