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Egypt inks deals to settle export subsidy arrears with 9 companies
02 - Mon - Dec - 2019
Egypt inks deals to settle export subsidy arrears with 9 companies

 The Egyptian finance minister Mohamed Maait and the minister of trade and industry Amr Nassar have signed settlement agreements with nine companies to settle overdue export subsidies.

The export subsidies will be disbursed over five years to nine companies that have set plans to inject new investments, expand their production capacity, and create jobs, according to a joint statement released by the two ministries on Monday.

Under the agreements, 20% of the arrears will be disbursed to each company before the end of December, and another 20% will be paid during the first quarter of fiscal year 2020/2021, while the remaining value will be disbursed over the following three years.

The companies that signed the settlement agreements are Unilever Mashreq for Food Products, Schneider Electric, Fresh Electric for Home Appliances, El-Mohandes Jotun, Oriental Weavers Carpet, Lotus Garments Co., T&C Garments, Herbal Family Group‎‏, and Giza Spinning and Weaving.

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