Egyptian President Abdel Fattah El-Sisi announced today that Egyptian banks cover all dollar needs to release all goods piled up in the country’s ports, due to the scarcity of hard currency since the beginning of the year. Yesterday, Sunday, a spokesman for the Egyptian Council of Ministers said that goods worth $5 billion had been released within 23 days since the beginning of this December, out of $14.5 billion worth of goods that had accumulated in the ports for several months. Al-Sisi’s words came during his inauguration, this morning, of two factories for the production of medical and industrial gases and a tertiary power generation plant in the chemical industries complex in Abu Rawash, Giza Governorate. The Egyptian government, in cooperation with the banking sector, has drawn up a plan to release the remaining goods, worth $9.5 billion, during the next short period, according to the statement, which indicated that among them are bulk (unwrapped dry) goods estimated at $3.4 billion. The authorities focus as a priority on the release of food commodities, ingredients for food processing, medicines, and production requirements. In addition, President Sisi indicated, in his speech today, that he was keen during the last period not to raise electricity prices for factories, to ensure that this does not reflect on commodities in the markets. He noted that work is underway to ensure the availability of fertilizers in the local markets at reasonable prices, given the impact of their high prices on food prices, which have been witnessing significant increases for some time. In addition, the Egyptian president affirmed that his country “will not cut spending on national projects under the pretext of relieving pressure on the dollar.”
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