Egyptian Media Production City aims to pay off debts by December: Chairman

Ahram Online , Tuesday 4 Aug 2015

Most Egyptian channels are broadcast from the media complex

 Egyptian Media Production City
The Egyptian Media Production City (Photo: Ahram)

The chairman of Egyptian Media Production City Company has said that the company, which runs a key media complex on the outskirts of Cairo, aims to pay off outstanding debts of LE30 million by the end of the year.

In an interview with state news agency MENA on Tuesday, company chairman Osama Heikal said that the firm has created a new strategy aimed at developing a vision for the city until 2020, which included covering the company’s debts fully by December of this year.

The strategy aims at making the public company a stand-alone economic entity, Heikal told MENA.

He has also said that the company is at present witnessing comprehensive economic reform.

The company paid off LE90 million in debts in the period of December 2014 until July 2015, leaving LE30 million to be paid before the end of this year, Heikal said, stressing that the payment of debts was the company’s current priority.

The media complex known as Egyptian Media Production City covers an area of 35 million square metres. Most local channels are broadcast from the site.

Speaking about the indebtedness of the Egyptian Federation of Radio and Television to the city, Heikal said that the city is owed LE79 million, and this is expected to be collected soon. 

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