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Banking sector secures financing to import $2.5bn worth of food commodities, medicine: CBE $1.5bn allocated to import intermediate goods and raw materials for production; $414.6m to import food commodities; and $97.6m to import medicine
The Central Bank of Egypt (CBE) revealed on Thursday that Egyptian banks have secured the financing required to import food commodities and intermediate goods, and production supplies of medicines and vaccines worth $2.49bn since the decision to float the pound on 3 November, as of 15 November. Banks are financing food commodity imports, excluding goods imported by the Public Supply Authority, worth $414.65m, as well as imports of machinery, production equipment, and spare parts worth $201.9m. The import of intermediary goods, raw materials, and production supplies is allocated $1.46bn while the import of medicines, vaccines, and chemicals is allocated $97.65m. According to the CBE, Egyptian banks are also funding the import of other goods worth $318.48m, though further details were not mentioned in the statement. Imported goods are funded through temporary loans to customers, along with documentary credits and collections.
