CAIRO – 18 September 2024: The Head of the Egyptian Customs Authority (ECA), Shahat Ghaturi, shared that in the initial 8 months of 2024, Egyptian customs cleared goods worth $48 billion from ports.
Additionally, Ghaturi mentioned ongoing efforts to streamline port processes, aiming to reduce the time cargo ships spend docked. Currently, the average duration for investors to file for customs declaration registration stands at 5 days.
Moreover, the ECA is actively collaborating with the Central Bank of Egypt to finalize the Electronic waybill of lading project. This initiative will enable electronic transmission of bills from foreign sources, facilitating faster transactions between Egyptian and foreign banks without reliance on physical bills.
In a recent update in August, Ghaturi disclosed that the ECA had overseen the release of $44 billion worth of imported goods since the start of the year, prioritizing vital items like medications and strategic goods.
Earlier in the year, Egypt faced a USD liquidity challenge which was effectively managed through initiatives like an $8 billion loan from the International Monetary Fund and financial backing from entities such as the European Union and the World Bank.
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