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FinancialNews


  • 09-12-20

    Egypt resolves historical debts worth USD 861m for oil, electricity companies

    (MENAFN)The Ministry of Public Enterprise Sector managed historical debts worth EGP13.5 billion (USD861 million) for oil and electricity companies settled by Egypt.

    The debts of eight holding companies and 119 subsidiaries across a variety of sectors had been cleared, part of the government"s efforts to reform the economy and develop the competence of the ministry"s operations, stated the Egyptian Ministry of Public Enterprise Sector.

    He said that, the debt settlements were made by transferring some vacant and crucial real estate assets affiliated with the ministry to the companies" creditors. Some of the companies included were those related to the General Petroleum Corporation and its subsidiary companies.

    MENAFN09122020000045011369ID1101255071

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