File Photo: Egypt s maritime terminal in Alexandria governorate.Photos courtesy of the Egyptian Ministry of Transportation
The released goods encompass a variety of essential items including food, medicine, fodder, and production necessities.
In the wake of Egypt's $35 billion investment agreement with the United Arab Emirates at Ras El-Hekma, the government is now pushing for the swift release of goods stranded at ports across the country.
The deal, hailed as the largest foreign direct investment (FDI) in Egypt's history, aims to address the nation's pressing hard currency shortage.
President Abdel-Fattah El-Sisi has instructed the government to ensure the immediate clearance of goods at ports, as per a cabinet statement on Monday.
The move followed a meeting attended by key officials, including Central Bank of Egypt (CBE) Governor Hassan Abdallah, when Prime Minister Madbouly instructed the formulation of a phased plan for the release of goods from customs.
The prime minister's oversight extends beyond Alexandria Port, encompassing a comprehensive monitoring of release operations across different ports.
Priority will be given to essential commodities such as food, medicine, and fodder.
The collective value of these items currently detained at customs amounts to $1.3 billion.
The implementation of this plan has already resulted in a decline in the prices of corn and soybeans, the cabinet stated.
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