Egypt’s CBE provides $5 billion to release goods, commodities from ports in 23 days

The Central Bank of Egypt announced that it has made available a total amount of $5 to help clear import backlogs during the past 23 days upon the directives of the Egyptian Prime Minister.

Until last November, the Egyptian ports had goods with total cost ranges between $15 and $16 billion, However the remaining goods in ports now are at a total cost of $9 billion, Moustafa Madbouly said.

Setting a plan to release all the goods currently stuck at ports was the main focus of a meeting Prime Minister Moustafa Madbouly headed yesterday, along with cabinet members and representatives from the Central Bank of Egypt, according to a statement.

Authorities are prioritizing commodities first, considering Ramadan is fast approaching, followed by goods required for manufacturing, including input materials, the statement says. Some USD 300 mn worth of food commodities — vegetable oils, meats, and legumes — were released from our backlogged ports last week, putting the total value of goods released since the beginning of December at USD 5 bn.

Banks will in the next four days acquire the foreign currency required to cover letters of credit for goods stuck at ports, Egypt’s President. ElSisi was speaking a day after the government said it was working on a plan to release the remaining goods from ports, which it valued at around USD 9.5 bn. Speaking during the ceremony yesterday, Prime Minister Moustafa Madbouly said that authorities have agreed to prioritize the release of USD 4-4.5 bn worth of commodities from ports including those required for manufacturing, reiterating cabinet spokesperson Nader Saad from a day earlier.