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Monday, 19 April 2021

Egypt's public enterprise ministry settles holding company debts worth EGP 33 billion

This was achieved by re-allocating some unused land plots owned by the ministry to the companies’ creditors

Ahram Online , Sunday 13 Dec 2020
Minister Hisham Tawfik
Public Business Sector Minister Hisham Tawfik (Al-Ahram)
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The Egyptian Ministry of Public Enterprise Sector says it has helped clear the debts of many of its holding companies, worth EGP 33 billion in total, owed to various government agencies.

This was achieved by re-allocating some unused land plots owned by the ministry to the companies’ creditors.

The ministry said that 178 land plots have been re-allocated for mixed-use to increase their value.

The ministry said that deals were signed to settle debts worth EGP 13.5 billion by oil and electricity companies belonging to the petroleum ministry.

Debts valued at EGP 10.4 billion of the Cotton and Textile Industries Holding Company were cleared.

Debts by Metallurgical Industries Holding, valued at EGP 3.5 billion, have also been also settled.

Protocols have also been signed to clear debts worth EGP 5.4 billion of a number of holding companies in the fields of tourism, hotels and maritime and ground transportation.

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