ICEC

Egypt’s Arab Contractors says to recover overdue Africa payments before year-end

Egypt’s state-run Arab Contractors Company says it hopes to recover its $200 million overdue receivables from investments in Africa before the end of 2017.

The company is studying a new arrangement with a number of African governments for the overdue receivables through putting in place facilitated payment mechanisms, chairman Mohsen Salah told Amwal Al Ghad on Sunday.

The overdue receivables are from the Egyptian company’s investments in mega infrastructure and housing projects in the continent, Salah said.

Arab Contractors is targeting more expansions in the continent, such plans that will be financed by securing credit facility from major financial institutions and collecting vast majority of overdue payments, he added.

The company has never put off implementation of assigned projects in Africa because of delays in obtaining payments owed to it there, the Egyptian official said.

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