Egypt Releases $5bln Goods Stuck at Ports

Egypt’s government has released around $5 billion worth of goods stuck at the country’s ports during the period from December 1st to 23rd, according to the Cabinet's Media Center.

"These goods were released out of a total of $14 billion worth of goods stuck at ports since the beginning of the piling up of goods crisis," Cabinet's Spokesperson Nader Saad said.

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

"The plan is set to include the release of bulk goods of an estimated value of about $3.4 billion," he noted.

This came after the Prime Minister Mostafa Madbouly directed the government to reduce the time required for releasing different goods at ports, particularly strategic commodities like food industry, and pharmaceutical ingredients, in addition to production inputs.