(3 Minutes Read)
Egyptian customs released goods from ports valued at USD 48 billion in the first 8 months of 2024, stated Head of the Egyptian Customs Authority (ECA), Shahat Ghaturi. He added that the ECA is working on a study to find solutions to reduce the time cargo ships remain in ports, noting that the average period for investors to apply for a customs declaration registration is 5 days.
Egyptian customs released goods from ports valued at USD 48 billion in the first 8 months of 2024, stated Head of the Egyptian Customs Authority (ECA), Shahat Ghaturi . He added that the ECA is working on a study to find solutions to reduce the time cargo ships remain in ports, noting that the average period for investors to apply for a customs declaration registration is 5 days.
The authority is working to complete the Electronic waybill of lading project in cooperation with the Central Bank of Egypt. This will allow the bill to arrive electronically from abroad, allowing Egyptian banks to deal through the platform with foreign banks to speed up the process without the need to wait for the paper bill to arrive.
In August, Ghaturi revealed that the ECA had authorized the release of USD 44 billion in imported items from its ports since the beginning of the year, emphasizing medicines and essential strategic goods.
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At the beginning of the current year, Egypt faced a USD liquidity challenge. Nonetheless, this predicament was successfully addressed through the International Monetary Fund’s USD 8 billion loan initiative and funding support from various financial entities like the European Union and the World Bank.
