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00:53
Egypt speeds up cash payment for exporting companies
STORY: Egypt speeds up cash payment for exporting companies
DATELINE: July 13, 2023
LENGTH: 00:00:53
LOCATION: Cairo
CATEGORY: ECONOMY
SHOTLIST:
1. various of ports
STORYLINE:
Egyptian Minister of Finance Mohamed Maait confirmed that on Wednesday and Thursday, about 7.5 billion Egyptian pounds (about 242 million USD) will be disbursed, the total value of export support which are due for 750 exporting companies.
Advisor to the Deputy Minister for Financial Policies and Institutional Development, Nevine Mansour, stated that the first installment dues will be disbursed in the sixth phase of the "immediate cash payment" initiative, pointing out that more than 42 billion Egyptian pounds (1.3 billion USD) have been disbursed to exporting companies.
She indicated that the sixth phase of the "immediate cash payment" initiative aims at providing cash liquidity to exporting companies to stimulate them to expand their production and export activities, especially in light of the circumstances witnessed by the global economy, which cast a shadow over the economies of various countries, including Egypt.
Xinhua News Agency correspondents reporting from Cairo.
(XHTV)
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