Back to the complete issue
Wednesday, 15 March 2017

Cairo Metro owes EGP 300 mn in water, electricity bills

Cairo Metro’s financial troubles: Cairo Metro owes overdue electricity bills worth EGP 260 mn and water bills worth EGP 40 mn, Ahram Gate reports. The companies are now calling for their receivables and threatening to take legal action and switch off access to electricity and water, according to Cairo Metro’s spokesperson Ahmed Abdel Hady. Abdel Hady’s remarks come at odds with the Electricity Ministry’s spokesperson, who said the ministry would never cut off power access to such a “vital state institution,” but said there is action to resolve the financial dispute. This follows the news that at least 11 companies are refusing to supply Cairo Metro with spare parts and maintenance services until the company makes good on its debts. The House of Representatives’ Transport Committee is giving Transport Minister Hisham Arafat three weeks to present them with his strategy to revamp sector activities and improve their performance (including the Cairo Metro), a promise he had made after he was sworn in last month, Al Mal says. So far the strategy involved shopping for investors to provide USD 15.2 bn to fund the ministry’s projects. The only way this stuff makes it into the press is if it suits someone’s interests, and our suspicion is that the folks at the Metro are angling for a fat increase in their budget allocation.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.