USD 1 Billion in Medicinal Products Released From Egyptian Ports
Banks are working in tandem with pharmaceutical companies to help release raw materials for drug manufacturing.
Since December, local banks in Egypt have helped secure the money required to pay for a backlog of imported goods worth USD 14.5 billion scattered over several ports across the country. As a result of this effort, medicinal products worth USD 1 billion have finally been released from these ports.
The Medicines Division at the Egyptian Federation of Chambers of Commerce revealed that the banks are working in tandem with pharmaceutical companies to help release the raw materials needed for drug manufacturing.
Following the release, Egypt's strategic drug reserve rose to six to 12 months' worth, with alternatives for most imported drugs available and in constant production.