Prime Minister Moustafa Madbouly affirmed the state’s commitment to take intensive measures to honor payments owed to foreign oil companies working in Egypt, by putting in place a mechanism to repay these arrears.
During a meeting held on Tuesday, March 26, 2024 to monitor the repayment of arrears of foreign partners operating in oil projects in Egypt, the Prime Minister highlighted the importance of these actions to strengthen confidence in the energy sector in Egypt and attract more foreign investment in this area.
Assisted by the Governor of the Central Bank of Egypt, Hassan Abdullah, the Minister of Oil, Tarek al-Molla, and the Minister of Finance, Mohamed Maait, the meeting discussed the measures put in place to start repaying approximately 20% of late payments, as part of a scheduled plan to clear all arrears in the coming months.
These efforts aim to consolidate Egypt’s position as a reliable partner in the energy sector, and thus encourage new foreign investments in the country. This initiative illustrates the government’s commitment to meeting its obligations to international partners, while fueling economic growth and national prosperity.