Egypt releases $23bln worth of imports since January

Egypt has released $23 billion worth of imported goods, merchandise and products since January, announced Minister of Finance Mohamed Maait on Monday.

Maait emphasised that the increase of the customs release process prioritised basic commodities, food manufacturing products, and pharmaceuticals.

He also said that Egypt is seeking to maintain the full operation of its production wheel as well as reducing importers’ burden by reducing fines and providing basic commodities to its citizens.

Egypt has an average monthly release of goods at customs outlets of $5 billion according to Maait. Egypt is currently developing its customs systems to meet the latest international standards to enhance investments.

Maait further explained that these measures have a goal of reducing storage costs at ports, to ease the pressure on importers and investors.