Egypt grants $1.79bn to over 2,500 exporting firms since October 2019: Ministry of Finance

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Updated 17 April 2022
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Egypt grants $1.79bn to over 2,500 exporting firms since October 2019: Ministry of Finance

  • For the first time, exporting players in the ceramic, automobile, and the pharmaceutical sectors will be allowed to apply to join the initiative

RIYADH: Egypt has granted a total of 33 billion Egyptian pounds ($1.79 billion) to over 2,500 exporting firms since October 2019 up until today, according to the country’s Ministry of Finance.

This comes as the government aims to support the export sector by disbursing the Export Development Fund, which began to be implemented in October 2019.

By providing cash liquidity to exporters, the government is ensuring the continuation of the production cycle, in an attempt to maximize exports.

The final batch of beneficiary exporters in the fourth phase of the “immediate cash payment” initiative is set to receive their dues on the April 28, 2022.

The "immediate cash payment" initiative has been implemented for export shipments from July 1, 2021 until July 30, 2021, with a discount rate of 8 percent acceleration payment instead of the percentage that was in force of 15 percent. 

For the first time, exporting players in the ceramic, automobile, and the pharmaceutical sectors will be allowed to apply to join the initiative.

It is important to note that the African country aims to hit $100 billion in terms of annual exports.


India seals $3bn LNG agreement with UAE

Updated 19 January 2026
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India seals $3bn LNG agreement with UAE

  • Leaders hold talks to strengthen trade, defense ties

NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.

The agreement was signed during a very brief two-hour visit to ‌India by UAE ‌President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian ‌Prime Minister Narendra Modi. 

They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.

Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.

ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.

“India is now the UAE’s largest customer and a ‌very important part of ADNOC Gas’ LNG strategy,” ‍the company said.

The UAE is ‍India’s third largest trading partner and Sheikh Mohammed was accompanied ‍by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.

Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.

“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in ‌particular ways in the conflicts of the region,” he said.