Gov’t disburses EGP 504 mn in export subsidy funds: Finance Minister Mohamed Maait has disbursed EGP 504 mn in export subsidy funds, bringing total payouts in recent months under the state-run Export Subsidy Fund to EGP 1.2 bn, the ministry said in a statement. The fund is supposed to pay out 8-12% of the value of exports to companies, depending on how much local content is used and the export destination.

Background: The announcement comes after industry trade groups sent “emergency” letters to the Madbouly government suggesting they were struggling after what they characterized as a two-year delay in the release of subsidy payments. Exporters say the state still owes them EGP 9-12 bn in payments, a figure that grows in lock-step with a 7% rise in exports in 9M2018.

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