Iron, Steel to pay EGP 750mn to Banque Misr to settle long-standing debt dispute
Egypt’s state-owned Iron and Steel Company will pay 750 million pounds 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.