Ministry of Electricity said to have paid EGP21.2bn in arrears to Ministry of Petroleum
Ministry of Electricity has reportedly paid to the Ministry of Petroleum EGP21.2bn in arrears, which reached EGP60.9bn in January, according to official sources. The Ministry financed EGP20bn of the payment through a seven-year loan from Bank Misr and the National Bank of Egypt with a two-year grace period, and EGP1bn from its electricity bill collections. The two ministries agreed on EGP500mn in monthly arrear payments, and the Ministry of Finance will repay 50% of the monthly bill of fuel used in power generation. (Al Borsa)
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