Cabinet To Restructure Debts Owed By Public-Sector Firms: Osama Saleh

The Minister of Investment Osama Saleh stated that the Egyptian government plans to restructure the debts owed by public-sector companies to the banks in the upcoming period.

During his address at the Euromoney Conference, Saleh added that most of these debts are owed to seven banks; mostly the National Bank of Egypt (NBE) and Banque Misr.

Public-sector companies will not be sold, but some of which will be merged with other companies in order to strengthen their financial positions, he affirmed.

Amr El-Garhy, Managing Director and CEO of the National Investment Bank (NIB), earlier stated that the public-sector companies are indebted with about EGP 8 billion and an official source said these debts are mostly owed by 19 companies (mainly of spinning sector). NIB is open to all options to receive its dues whether by getting cash, assets or stakes in these companies, El-Garhy added.