Nevin Jama, Minister of Trade and Industry, announced that the Export Development Fund will issue tomorrow - Sunday - the first batch of certificates of payment of the dues of the exporting companies within the framework of the immediate payment initiative recently announced by the government to settle the delayed dues of companies with the fund.
She said in a statement today that, since the first of November and until now, requests from 903 companies have been submitted to the fund to benefit from the immediate payment initiative, as the total amounts due for the files received for about 323 companies reached 3.2 billion pounds, pointing out that the fund has contacted companies to notify them of the amounts due. In preparation for completing the procedures for issuing certificates of amounts after deduction of taxes and stamps, and any debts owed in favor of the Ministry of Finance.
Jameh pointed out that this initiative comes in implementation of President Abdel Fattah El-Sisis directives, to support the exporting companies, and to quickly respond to the export burdens, to support the industrial and export sectors, especially during this stage due to the repercussions of the spread of the Corona pandemic, as the initiative allows for the immediate payment of 85% of the total value of dues. And in coordination with the Ministry of Finance and banks, instead of paying them in installments that may take several years, which contributes to providing cash to enable the exporting companies to fulfill their obligations towards their customers and preserve employment.
The Minister indicated that the Export Development Fund will continue to receive requests from exporting companies wishing to benefit from this initiative, until 30 November.