The authority is working to complete the Electronic waybill of lading project in cooperation with the Central Bank of Egypt.
Egyptian customs released goods from ports valued at $48 billion in the first 8 months of 2024, according to Head of the Egyptian Customs Authority (ECA), Shahat Ghaturi, who spoke to Asharq Bloomberg.
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 $44 billion in imported items from its ports since the beginning of the year, emphasizing medicines and essential strategic goods.
At the onset of the year, Egypt faced a USD liquidity challenge. Nonetheless, this predicament was successfully addressed through the International Monetary Fund's $8 billion loan initiative and funding support from various financial entities like the European Union and the World Bank.
