The government is set to launch the sixth phase of its export subsidy program, through which it plans to pay out some EGP 10 bn worth of overdue subsidies to exporters, according to a Finance Ministry statement. Cabinet last week approved the sixth phase of the program.

The timeline: Companies who have their documents ready can apply in a first phase from 7-11 May and will receive their payments on 5-6 July. Those that are still in the process of preparing their documents can apply between 17-31 May and will receive their subsidy payments on either 19-20 July or 2-3 August.

REMEMBER- The government in December wrapped the fifth phase of the program, which allows exporters to receive overdue subsidies in a single payment rather than in installments over four to five years, in return for a haircut. Under the program, the Export Development Fund has paid out a total EGP 42.5 bn in subsidy arrears.

More export subsidies coming: A new program is coming in July that will see the government up its spend on export subsidies to EGP 28-30 bn, from EGP 8 bn in the current fiscal year, cabinet said last month.

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