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Egypt's PM initiates gradual release plan for $1.3B goods in customs with focus on essential commodities, medicines

The total value of foodstuffs, medicines, and animal feed currently held in customs, amounting to approximately $1.3 billion.
26.02.24 | Source: Egypt Today

Egypt’s Prime Minister, Mostafa Madbouly, directs a plan to gradually release goods in customs, estimated at $1.3 billion, with priority given to food commodities, medicines, and feed.


This directive was given during a meeting on Sunday, chaired by the Prime Minister, to monitor the provision of necessary financing in foreign currency for strategic goods and medicines. 


This directive comes days after Egypt- UAE agreement to develop Ras El-Hikma City with around $35 billion in direct investments for the Egyptian state within two months. A deal which Madbouly described as the beginning of correcting the course for the Egyptian economy, adding that Egypt is keen to attract foreign direct investment (FDI).


Egyptian Cabinet’s Official Spokesperson, Mohamed Elhomosany, stated that the meeting addressed the status of providing strategic goods to the markets and securing the required financing in foreign currency, especially for wheat, oil, and powdered milk.