07 Dec 2021

The Minister of Business Sector revealed that Egypt’s state-owned business sector companies have managed to shrink their debt load by 77% within 3 years. Settlements were negotiated with almost all creditors to eliminate debts, which included electricity and petroleum dues. The combined debt of these entities is now EGP10bn, with most of it consisting of taxes. There are currently 118 state-owned business sector companies, with current efforts by the government aiming at merging some of them to bring the total down to 82, while driving all of them to becoming profit-making.

(Source: Zawya (English), Egypt Today (English), Arab News (English), al-Maal, Mubasher, Amwal al-Ghad, Economy Plus Me, al-Masry al-Youm, al-Dustour, Akhbar al-Youm, Sada el-Balad, Masrawy, al-Sharq Business)