Egypt prioritises staples, medicines FX needs

Egyptian Prime Minister Dr. Mustafa Madbouly has ordered to survey the various staples, feed and medicines stockpiles awaiting customs clearance to expedite their release, the Egyptian Cabinet stated on Sunday.

The move comes after the country has signed a multi-billion-dollar deal for the development of a mega city in Ras El-Hekma, northwest Cairo, which will pour US$35b into the Egyptian economy within two months.

The current total value of such goods waiting for customs clearance amount to around $1.3 billion, the statement said.

It further indicated that the markets have positively reacted to the recent news of the expected multi-billion-dollar FDI inflow as per the contract to implement Ras El-Hekma megaproject on the north coast.

The statement further said that as per the directives of President Abdel Fattah El Sisi to contain the rising inflation rates, the government is studying an increase of the purchase price of local wheat. The final prices will soon be submitted to the cabinet for approval.


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