Egypt To Release $5billion Goods Stuck At Ports In 23 Days

The Egyptian government has released around $5 billion worth of goods from ports during the period from Dec. 1st to 23rd, the Cabinet Spokesperson Nader Saad in light of a meeting headed by Prime Minister Mostafa Madbouly. Since the start of the problem with the accumulation of commodities, these goods, worth a total of $14 billion, have been released from ports. According to Saad, the value of the remaining cargo held up at ports as of Dec. 25 was around $9.5 billion. He said that the government, working with the banking industry, has developed a plan to quickly release the remaining cargo.

The plan is set to include the release of bulk goods of an estimated value of about $3.4 billion. During the meeting, Madbouly stressed prioritizing the release of food items, components of the food industry, and pharmaceutical ingredients, in addition to production inputs according to Hellenic Shipping News.

It is worth noting that the meeting was attended by Governor of the Central Bank of Egypt Hassan Abdallah, Minister of Finance Mohamed Maait, Minister of Trade and Industry Ahmed Samir, and Head of the Egyptian Customs Authority Shahat El-Ghatwary. On Dec. 21st, Madbouly directed the government to reduce the time required for releasing different goods at ports, particularly strategic commodities.

It is a strategy that we hope to solve the piling up of goods crisis along with the economic situation that Egypt is currently in.

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