11 Egyptian banks successfully finance clearance of piled-up import goods

On March 19th, Minister of Finance Mohamed Maait announced that the Egyptian government had released essential goods worth $14.5 billion at ports since the beginning of this year

Staff Writer, Arab Finance

March 25, 2024

EGYPT TRADE

PHOTO

Around 11 Egyptian banks have completed the financing process of all the piled-up import orders of essential commodities at ports, senior bankers told Asharq Business.

The bankers confirmed that the backlog of all goods stuck at ports, especially food, pharmaceuticals, fodders, and production requirements, had been cleared.

However, the import orders of 13 complementary commodities are yet to be financed, one banker noted, saying that providing the necessary financing for these orders is pending the Central Bank of Egypt’s (CBE) approval.

On March 19th, Minister of Finance Mohamed Maait announced that the Egyptian government had released essential goods worth $14.5 billion at ports since the beginning of this year.

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