The Information Technology Industry Development Agency (ITIDA) has announced speeding up the Export-IT program's procedures to support the local ICT companies facing temporary cash flow difficulties during the Coronavirus (COVID-19).
ITIDA stated that it would start disbursing the fund in April, giving the priority to micro and small companies that applied for the program funded first, followed by the medium and large enterprises.
This comes as part of the prompt measures that ITIDA takes to limit the economic impact of the COVID-19 pandemic, as this procedure is expected to benefit the 110 Egyptian companies that applied for the program.
In the previous rounds of the program, ITIDA used to disburse the fund on companies by the end of every fiscal year, i.e. in June.
The call to this year’s round of Export-IT was announced in February. Through the program, eligible companies shall receive cash funds up to 50% of the added value of the export earnings earned in 2018.
The program was first launched in 2010. ITIDA has supported more than 185 local companies with around EGP 350 million, thus contributing to increasing IT exports in volume, achieving a total of EGP 6.2 billion revenues, through the program's previous rounds.