The Council of Ministers approves the mechanism for paying the value of arrears owed to exporting companies
During its meeting today, Wednesday, headed by Dr. Mostafa Madbouly, the Council of Ministers approved the proposed mechanism for paying the value of arrears owed to exporting companies. With the Export Development Fund, as part of the government’s continued efforts to pay these arrears, in implementation of the directives of President Abdel Fattah El-Sisi.
This proposed mechanism comes to complement the success achieved in this important file in cooperation between the Ministries of Finance, Investment and Foreign Trade, represented by " The Export Development Fund, over the course of 5 continuous years from 2019 to 2024, approximately 70 billion pounds were disbursed to about 2,500 exporting companies.
This proposed mechanism has been prepared to move forward towards paying the remaining arrears owed to the exporting companies to the Export Development Fund, within the amount of 60 billion pounds, allowing these companies to benefit from the mechanism in more than one way, as follows: Which is compatible with the circumstances and capabilities of each, provided that the first stage begins with a payment of between 40 – 50% of the total value of arrears.
