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Sunday, 14 August 2016

Electricity ministry to borrow EGP 5 bn to pay back dues to EGPC

The Electricity Ministry is set to borrow EGP 5 bn to pay its debts to the Egyptian General Petroleum Corporation (EGPC), with EGPC set to bear the loan’s interest until it receives part of its dues from the Electricity Ministry, according to an unnamed Petroleum Ministry source, Al Borsa reported on Saturday. The Petroleum Ministry is reportedly owed around EGP 60 bn from government bodies, with EGP 46 bn owed by the Electricity Ministry as a result of its gas, fuel and diesel consumption, as well as unpaid monthly bills. The Electricity Ministry had previously taken out an EGP 10 bn loan to pay back EGPC back in July of last year, and most recently NBE had approved a loan of EGP 3.5 bn by Egyptian Electricity Holding Company to pay back EGPC over a period of eight years.

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