Egypt to release goods held at ports

Egypt to release goods held at ports

The Egyptian government has announced that it will release goods held at various ports nationwide, including food, medicine, animal feed, and production requirements. The decision comes after a recent influx of foreign currency, including $5bn from the Ras El Hekma deal with the United Arab Emirates.

The move is aimed at stabilising prices and reducing inflation in the country.

Prime Minister Mostafa Madbouly stated that the government is working to expedite the release of goods, coordinating with the Central Bank of Egypt (CBE) and relevant ministries.

President Abdel Fattah Al-Sisi has directed the government to prioritise essential commodities, including food, medicine, and production inputs.

The government is also working to support the industrial sector to increase exports and boost economic growth.

The accumulation of goods at Egyptian ports has been a major issue in recent months due to a shortage of foreign currency. The government has been working to address the issue through various measures, including the Ras El Hekma deal.

The Ras El Hekma deal is a $35bn investment agreement between Egypt and the UAE. The deal includes the development of a new tourist destination on the Mediterranean Sea coast.

The first $5bn tranche of the deal was received by Egypt at the end of February.