The Egyptian Pharmaceuticals Trade Company (EPTC), one of the companies affiliated to the Holding Company for Pharmaceuticals, Chemicals, and Medical Supplies, addressed the Ministry of Health to repay a debt of EGP 1bn owed by the ministry. A source in the company told Daily News Egypt that the EPTC is committed to providing all the ministry’s needs, including pharmaceuticals and baby formula during this fiscal year, despite the continuous increase of the debt owed by the ministry. He noted that over the upcoming period, the company will be seeking to negotiate with a number of government agencies to collect debts worth EGP 500m. The source expected the company’s debts owed by other agencies to increase over the upcoming period if no fair scheduling to repay the amounts was reached. After his resignation, Al Sobky told Daily News Egypt that the upcoming period requires lots of efforts from the company’s side to address the crisis of increased debts.

Source: Daily News Egypt January 18, 2017 16:03 UTC