$9.5b backlog of imported goods released since Jan.: Egyptian minister

Egypt has released a backlog of imported goods worth $14.5 billion stuck at ports since the beginning of this year, Minister of Finance Mohamed Maait announced on Tuesday.

During a meeting with key media figures in the country, Minister Maait said the country is working on more sustainable economic policies, with a prudential approach to facing internal and external shocks.

Under the new budget for the financial year 2024-2025, the government will allocate 23 billion Egyptian pounds ($488.8 million) to support exports and incentivise investors to tap new markets, the minister noted.