Iron and Steel Company to pay EGP 750m to Banque Misr to settle long-standing debt dispute

MENA , Wednesday 28 Nov 2018

Egypt's state-owned Iron and Steel Company will pay EGP 750 million to Banque Misr after a new deal was signed to settle a long-standing dispute over outstanding debts, according to a statement by the company on Wednesday.

The dispute stems from 18-year-old debts owed by the company to the bank. The deal followed a court ruling in favour of the bank last August. 

Under the deal, the company would pay the sum within two months of the signing in the form of lands and a percentage of its stakes, it said.

The deal saw bank waive interests worth $6 million.  

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