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    ITIDA Expedites Disbursing Export-IT Fund

    Date published: 2 April 2020

    The Information Technology Industry Development Agency (ITIDA) has announced expediting the procedures of Export-IT program for supporting ICT exports, in its keenness to support companies and reduce the negative impact of Coronavirus Disease (COVID-19) crisis.

    ITIDA stated that it would start disbursing the program fund in April, with the 69 micro and small enterprises that applied for the program funded first, followed by the medium and large enterprises.

    This comes as part of the prompt measures that ITIDA has taken to revive the IT market and mitigate the impact of the current crisis, 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 for Proposals to this yearís round of Export-IT was announced by ITIDA in February. Through the program, qualified companies receive cash fund up to 50% of the added value of the export earnings collected in 2018.

    The program was first launched in 2010. Through the program previous rounds, ITIDA managed to support 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.

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