Egypt’s government to launch initiative to repay exporters’ arrears at 15% discount: Finance minister

Egypt’s government to launch initiative to repay exporters’ arrears at 15% discount: Finance minister

Egypt's government is set to launch an initiative within the coming days that allows instant and cash repayment of the entirety of export companies' arrears from the Export Development Fund (EDF) before the end of 2020 at a discount of 15 percent, Minister of Finance Mohamed Maait announced on Sunday.

Maait pointed out that the initiative supports domestic and foreign companies operating in the Egyptian market.

"The initiative will be implemented in collaboration with the banking system, as the finance ministry will deposit a guarantee at the Central Bank of Egypt (CBE) to allow for the payment of the arrears through the end of September for export companies that are willing to pay their entire dues, but with a repay acceleration discount of 15 percent,“ according to Maait.