The Minister explained that the measures include providing diversified alternatives to cash guarantees, contributing to faster customs procedures and easing financing pressures

Minister of Finance Ahmed Kouchouk announced the implementation of a new package of exceptional customs facilitation measures aimed at streamlining the movement of trade across Egypt’s borders, through simplifying procedures and reducing financial burdens on investors.

 

He added that a paper insurance policy will be accepted as a guarantee for the transportation of foreign goods under the transit system, in a move aimed at supporting transit trade and maximizing the benefits of Egypt’s strategic geographic location.

 

Kouchouk emphasized that Egypt is targeting the expansion of transit trade and positioning itself as a global logistics hub, in a way that enhances the competitiveness of the national economy and strengthens its ability to attract investment.

 

For his part, Ahmed Amawy, Head of the Egyptian Customs Authority, stated that the insurance policy will cover customs duties, value-added tax (VAT), as well as the value of prohibited goods.

 

He stressed that the policy may not be cancelled or amended without prior written approval from both the Customs Authority and the Tax Authority.

 

He added that these measures come as part of ongoing efforts to modernize and enhance the efficiency of the customs system, in line with international standards, and to improve the business environment while facilitating trade movement.