{"id":594778,"date":"2019-09-08T04:22:46","date_gmt":"2019-09-08T04:22:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/08\/egyptian-exporters-have-yet-to-receive-support-from-the-government\/"},"modified":"2019-09-08T04:22:46","modified_gmt":"2019-09-08T04:22:46","slug":"egyptian-exporters-have-yet-to-receive-support-from-the-government","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/08\/egyptian-exporters-have-yet-to-receive-support-from-the-government\/","title":{"rendered":"Egyptian exporters have yet to receive support from the government"},"content":{"rendered":"

<\/a> Gov\u2019t has yet to settle overdue export subsidies: <\/b>The Finance Ministry has yet to settle the overdue export subsidies<\/a> owed to exporters, a number of businesses told Al Masry Al Youm<\/a>. No contracts have yet been inked since officials reached an agreement in May<\/a> with the companies to settle the payments \u2014 which were said to be in the range of EGP 12 bn \u2014 through deducting the overdue amounts against their taxes as an alternative to cash payments. The payments accumulated under an old, unfulfilled promise by the state-run Export Subsidy Fund to pay out 8-12% of the value of exports to companies depending on how much local content is used.<\/p>\n

EBA boss says no clear timeline on payout framework:<\/b> The government has also yet to provide a clear plan or timeline for the new EGP 6 bn framework announced in July, Egyptian Businessmen Association (EBA) boss Aly Eissa said. Authorities said in July<\/a> they would begin this fiscal year doling out EGP 6 bn a year through the Export Subsidy Fund. Some EGP 2.4 bn (or 40%) of the EGP 6 bn will be disbursed as cash payments, while EGP 1.8 bn (or 30%) will be paid out as tax breaks and cuts to arrears owed to the Finance Ministry. The remaining EGP 1.8 bn will be spent by the fund to \u201cbuild up Egypt\u2019s export capacities,\u201d the Export Subsidies Fund had said.<\/p>\n

In related news, Egyptian exporters participated in three international expos last week<\/b>, the Export Development Authority said in a statement picked up by the press<\/a>. The expos included two separate ones for leather products and plastics held in Erbil, Iraqi Kurdistan and the Asia Fruit Logistica Hong Kong.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gov\u2019t has yet to settle overdue export subsidies: The Finance Ministry has yet to settle the overdue export subsidies owed to exporters, a number of businesses told Al Masry Al Youm. No contracts have yet been inked since officials reached an agreement in May with the companies to settle the payments \u2014 which were said […]<\/p>\n","protected":false},"author":1,"featured_media":594779,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380,98,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-594778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","tag-subsidies","tag-trade","wpautop","entry"],"acf":{"mongo_id":"2eadc58e-d1a8-4e89-a483-eb69c9a35110","is_powered_by":true,"section_story_id":"26d4a7df-6d81-4c3e-b0be-ae62cd83ee82","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/120.jpg","photo_position":"above","related_issue":[594767],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian exporters have yet to receive support from the government - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/08\/egyptian-exporters-have-yet-to-receive-support-from-the-government\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian exporters have yet to receive support from the government\" \/>\n<meta property=\"og:description\" content=\"Gov\u2019t has yet to settle overdue export subsidies: The Finance Ministry has yet to settle the overdue export subsidies owed to exporters, a number of businesses told Al Masry Al Youm. 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The ministry received some 60 requests from companies looking to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593570,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/02\/more-exporters-to-receive-cash-payments-for-overdue-export-subsidies-this-month\/","url_meta":{"origin":594778,"position":1},"title":"More exporters to receive cash payments for overdue export subsidies this month","author":"enterpriseam admin","date":"2 October 2019","format":false,"excerpt":"Gov\u2019t continues to disburse overdue export subsidies: Several unnamed manufacturers will receive this month part of their overdue export subsidies through cash payments from the government, head of the Export Council of Building, Refractory, and Metallurgy Industries Waleed Gamal El Din told the press. He did not disclose the number\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568679,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/30\/madbouly-directs-officials-to-speed-up-overdue-payments-for-egyptian-exporters\/","url_meta":{"origin":594778,"position":2},"title":"Madbouly directs officials to speed up overdue payments for Egyptian exporters","author":"enterpriseam admin","date":"30 January 2020","format":false,"excerpt":"Madbouly directs officials to speed up overdue export subsidy payments: Larger exporters will receive an additional 10% of their outstanding export subsidy dues and smaller companies owed less than EGP 5 mn will get their dues paid in full, under a decision taken yesterday by Prime Minister Moustafa Madbouly. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/768.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595322,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/23\/egypt-receives-100-requests-for-overdue-export-subsidies\/","url_meta":{"origin":594778,"position":3},"title":"Egypt receives 100 requests for overdue export subsidies","author":"enterpriseam admin","date":"23 September 2019","format":false,"excerpt":"EXCLUSIVE- The government has received upward of 100 requests from exporters looking to settle around EGP 900 mn-worth of overdue subsidies, a government official told Enterprise. Authorities have already finished calculating overdue payments for 40 companies, including Toshiba and Zanussi, and is ready to disburse their dues. Under an agreement\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591561,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/10\/egypts-export-subsidy-fund-to-pay-40-of-total-overdue-subsidies-before-mid-2020\/","url_meta":{"origin":594778,"position":4},"title":"Egypt\u2019s Export Subsidy Fund to pay 40% of total overdue subsidies before mid 2020","author":"enterpriseam admin","date":"10 December 2019","format":false,"excerpt":"The Export Subsidy Fund plans to disburse 40% of total overdue subsidies before mid-2020, head of the Textile Export Council Magdy Tolba said, according to Al Mal. A total of 370 companies are currently owed export subsidies. The fund signed nine agreements last week to settle EGP 1.4 bn-worth of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568801,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/04\/egypt-settles-overdue-export-subsidies-with-31-companies\/","url_meta":{"origin":594778,"position":5},"title":"Egypt settles overdue export subsidies with 31 companies","author":"enterpriseam admin","date":"4 February 2020","format":false,"excerpt":"Gov\u2019t settles overdue export subsidies with 31 companies: The trade and finance ministries have signed agreements with 31 foreign and local companies to settle outstanding export subsidy payments, the Trade and Industry Ministry said in a statement (pdf), without disclosing how much the companies were paid. 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