Cairo – Mubasher: Egypt’s Ministry of Public Business Sector announced the settlement of debts amounting to EGP 33 billion owed to several government bodies.
A total of EGP 1.4 billion in debt owed by the state-run Cotton & Textile Industries Holding Co to the National Investment Bank (NIB) has been settled, according to a statement on Sunday.
In addition, the ministry is working on settling EGP 3.5 billion debts owed by the Metallurgical Industries Holding Company to the NIB.
The ministry also signed protocols to settle EGP 13.5 billion worth of debt owed to the Ministry of Petroleum and Mineral Resources.
Moreover, debt settlement protocols were signed with the National Organization for Social Insurance to settle EGP 5.4 billion worth of debt owed by the Holding Company for Spinning and Weaving, the Holding Company for Tourism and Hotels, and the Holding Company for Maritime and Land Transport.
The debt will be paid through transferring the ownership of unused real estate assets of public sector companies to the lenders.
