The Egyptian government announced on Tuesday that it has initiated the repayment of outstanding debts to international oil and gas firms active within its borders, allocating up to $1.5 billion for this purpose.
According to a statement from the cabinet, the payments that have commenced represent approximately 20% of the total arrears owed to these companies.
The government plans to settle the remaining dues through a structured payment agenda. This move comes in the wake of Egypt's severe foreign currency shortfall that began in early 2022, leading to certain import and government payment constraints.
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