The Ministry of Electricity is set to pay EGP 700m to the Ministry of Petroleum and Mineral Wealth next week, as part of the arrears it owes for fuel used for electricity production. The Ministry of Finance pays 50% of the bill on behalf of the electricity ministry. Moreover, the source said that the Ministry of Electricity paid EGP 20bn to the Petroleum Ministry through the loan it obtained from Banque Misr and the National Bank of Egypt. Collectively, the ministry has paid EGP 21.2bn of its arrears to the Ministry of Petroleum, leaving EGP 41bn. Arrears of the business sector owed to the electricity sector amounted to EGP 9bn.

Source: Daily News Egypt March 02, 2017 09:06 UTC