Export Subsidy Fund signs 41 new pacts to dole out subsidy arrears

The Export Subsidy Fund signed 41 new agreements to dish out subsidy arrears to exporters, according to a statementfrom the finance and trade ministries. The statement did not disclose the value of the agreements. Trade and Industry Minister Nevine Gamea said that EGP 2.9 bn in payments are on their way for 2,056 companies. The government disbursed EGP 2.13 bn of arrears in the first four months of the year. The government has committed to doling out at least 30% of the arrears it owes to exporters this year, with each company receiving at least EGP 5 mn. Small companies owed less than EGP 5 mn won’t be won’t be required to present tax clearances forms.