Tuesday 23 November 2021
Books – Mustafa Eid:
The fourth phase of the immediate cash payment initiative for the arrears of supporting exporters with the Export Development Fund has witnessed a remarkable turnout since the opening of the door for receiving applications at the Ministry of Finance, on November 14, according to a statement from the Ministry of Finance today, Tuesday.
The ministry said that this reflects the continuation of the success of this initiative, which was embodied in the previous three stages, in a way that translates the careful follow-up of Dr. Mohamed Maait, Minister of Finance, to this vital file, and his keenness to provide the necessary cash flow to turn the wheel of production and stimulate the export sector.
She added that this comes in fulfillment of the presidential mandate to reach the volume of Egyptian exports to $100 billion annually, in order to advance the national economy, raise growth rates and attract new investments.
The Minister of Finance stressed that there is a presidential mandate to quickly respond to the exporting companies’ delayed export burdens at the Export Development Fund. Which makes them more able to expand their production activities and maximize their exports in various global markets.
He explained that the government was able to support the export sector, through several initiatives, with about 30 billion pounds that have been spent on more than 2,500 exporting companies so far, a support that has not been allocated to the export sector before.
The minister said that exporters applying to benefit from the fourth phase of the “immediate cash payment” initiative, that the availability of cash enables increasing productivity, improving quality, and providing raw materials necessary for manufacturing and fulfilling obligations.
Abdel-Ghani Ibrahim, Director of Logistics and Support at the Nile Garden Food Industries Company, which is developed to benefit from the initiative, confirmed that the initiative contributes to increasing their production, because they receive their dues at the Export Development Fund.
He pointed out that this provides them with the possibility of purchasing the raw material; It increases the ability of the Egyptian product to compete in foreign markets, improves the business climate in Egypt, and encourages investors to pump more money into the Egyptian market.
Ibrahim stated that his company spent a large part of their dues during the first phase of the initiative, and was keen to join the fourth phase to get the rest of its arrears.
Ahmed Nabil, head of the export support department at the Misr Glass Manufacturing Company, said that his company, upon learning of the initiative, went to the Ministry of Finance and spent during the past three stages most of their dues. Which leads to the improvement of its products and enhance its competitiveness in global markets.
He added that his company paid its dues periodically within a short period of up to three months; This reflected positively on the company’s sales figures.
Amr Mutawa, Accounts Manager at King Maryland Garments Factory, explained that, by permanent follow-up with the Ministry of Finance, they became acquainted with the initiative and immediately participated in it, and by communicating with the Export Development Fund, they got most of their dues. This reflects positively on the company’s capital cycle, and contributes to strengthening the presence of Egyptian products abroad.
Mohamed Abdel Mohsen, the financial director of the Janatix Spinning and Weaving Factory, said that the factory faced a problem in paying its own obligations, but the “immediate cash payment” initiative contributed to the payment of a large part of the factory’s obligations. Which led to the rotation of the wheel of production and increased productivity; In a way that is reflected in maximizing its exports abroad.
Ola Adel Mostafa, the legal representative of Green Master for Import and Export, added that the capital cycle of the exporting companies has clearly improved as a result of the export support initiatives, noting that the Egyptian export market is promising, as its value gradually rises to the top as a result of the support provided to exporting companies and factories.
Safwat Luqa, representative of the Misr Company for Industry and Trade (Mintra), confirmed that the company was keen to participate in the four phases of the immediate cash payment initiative to support exporters. Which contributed to facilitating the company’s receipt of its dues; Continuing development of production lines and qualification of human cadres.
He added that this initiative is one of the most important initiatives launched by the state to support the private sector recently, as it contributes to providing cash liquidity that enables exporters to fulfill their obligations towards customers, preserve employment, enhance the competitiveness of the Egyptian product, and support the national economy.
Karim Ramadan, representative of Fresh Box for Agricultural Crops, said that this initiative contributed to providing great support to the agricultural crops sector, and improving its conditions compared to previous years, especially after the Corona pandemic, which caused crises in many sectors.
Bassam Mohamed, Vice Chairman of the Board of Directors and Managing Director of “Speranza” for ready-made clothes, described the initiative as a “savior” for the private sector, especially after the Corona crisis and the resulting negative repercussions that affected all sectors.
He added that what companies are currently receiving from exporters’ support helps them develop production lines and increase employment, especially in promising sectors such as clothing.
Mr. Abdel Nasser, representative of “Egypt Herbs” for agricultural crops, said that his company is keen to participate in the “immediate cash payment” initiative to support exporters, since its launch, in order to help provide the cash needed to increase the volume of agricultural sector exports.
Taher Tolba, representative of the marketing sector at Golden Spices for Agricultural Crops, stressed that this initiative contributes to supporting the local market and boosting exports as well, explaining that the state’s continued support for the private sector helps provide the necessary cash liquidity for exporting companies to ensure the continuation of the production wheel.