Egypt’s public enterprise ministry settles EGP 33 billion debts for holding company

The Egyptian Ministry of Public Enterprise Sector says it has helped clear the debts of many of its holding companies, worth 33 billion Egyptian pounds 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 13.5 billion pounds by oil and electricity companies belonging to the petroleum ministry.

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

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

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