The Information Technology Industry Development Agency (ITIDA) has approved disbursing the dues of the second group of local Egyptian companies benefiting from the Export IT Program’s 10th round.
In a statement issued on Saturday, ITIDA said that the total amount approved to the second batch of companies is worth EGP 11,863 covering 27 medium-sized companies, adding that eight of the companies have joined the program for the first time.
The total number of Information and communication technology (ICT) companies benefiting from the program so far is 52, where the total amount of export rebate disbursed to the first and second group together records EGP 17,032, according the statement.
The Export-IT program is an integral part of ITIDA’s strategy to support local ICT exporting companies with an aim of increasing their competitiveness and helping reduce export-related costs.
The program was first launched in 2010 to help Egyptian companies develop their exports from IT/ITES products and services.
Since its inception, the program has supported more than 185 domestic companies with around EGP 350 million, which has contributed to increased IT exports, achieving a total of EGP 6.2 billion revenues, according the statement.
ITIDA said that the total number of companies that applied for the program reached 165, and 113 of which provided their export transactions and supporting documents.
ITIDA has accelerated the procedures of disbursing Export-IT cash support to start last April instead of June with a priority to micro and small companies.
The acceleration process was part of a list of urgent measures taken by the Ministry of Communications and Information Technology and ITIDA to revive the Egyptian IT market, support local companies, and counteract the negative impact and global market slowdown caused by the COVID-19 outbreak.