ArabFinance: Companies in the Egyptian business sector have managed lower their debts by 77% in three years, Hisham Tawfik, minister of Public Business Sector, announced.

Tawfik added that debts went down to EGP 10 billion from EGP 44 billion, with the remainder mostly consisting of taxes.

He noted that a settlement had been reached on the debt with only taxes outstanding.

The minister further noted that the original value of the debt in 2018 also included costs such as electricity and petroleum.

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