Egypt releases $6bln goods from ports by December-end

The Egyptian government released $1.236 billion worth of goods and commodities from ports between December 24th and 30th, Prime Minister Mostafa Madbouly announced, according to an official statement on December 31st.

Since the beginning of December and until December 23rd, the government released $5 billion worth of goods that were stuck at ports, Madbouly revealed.

He noted that priority in customs release in the coming period would be given to food items and inputs required for the food and pharmaceutical industries.

Cabinet Spokesperson Nader Saad noted that remaining goods stuck at ports are valued at around $9.5 billion as of December 25th, asserting that the government, in collaboration with the banking sector, devised a plan for releasing the remaining goods in a short period.

President Abdel Fattah El-Sisi stated that Egyptian banks would provide the required dollars to clear a backlog of goods piled up at ports due to the shortage of hard currency since the beginning of 2022.
Source: Arab Finance