Prime Minister Mostafa Madbouly announced that Egypt has paid approximately $5bn in outstanding arrears to foreign partners in the petroleum sector, while committing to settle regular monthly invoices. He made the statement during a weekly cabinet meeting in the New Administrative Capital. The arrears are projected to drop to $1.2bn by June 30, 2026.
During the weekly cabinet meeting at the government headquarters in the New Administrative Capital on Wednesday, Prime Minister Mostafa Madbouly detailed the government's progress in clearing accumulated debts. He stated that arrears to foreign partners amounted to $6.1bn as of June 30, 2024, and are expected to fall to $1.2bn by June 30, 2026, representing a repayment of about $5bn over that period.
Madbouly referenced a presidential meeting reviewing Egypt's strategy to establish itself as a regional hub for energy and gas trade. These initiatives involve expanding onshore and offshore oil and gas exploration activities. There are directives to intensify exploration efforts to broaden the scope of discoveries and leverage successful past experiences.
The prime minister noted that the government is providing additional incentives and facilities for investors in the petroleum, gas, and mining sectors to boost investment levels and production capacity. This aims to meet rising consumption and support development needs. He emphasized Egypt's commitment to paying foreign partners' dues on a specific timeline, alongside honoring monthly bills.