Egypt government settles $946mln debts from Railway Authority

Egypt's planning ministry is currently applying strategies to settle financial disputes

  
A woman speaks on the phone at a metro station in Cairo February 14, 2011.

A woman speaks on the phone at a metro station in Cairo February 14, 2011.

REUTERS/Asmaa Waguih

Cairo-  Egypt’s Minister of Planning Hala El Said announced the settlement of EGP 15.7 billion worth of debts due from the Egyptian Railway Authority to the National Investment Bank (NIA).

The Egyptian government has obtained assets owned by the Railway Authority in order to conclude the debt settlement, El Said disclosed, noting that the ministry is currently applying strategies to settle financial disputes.

Noteworthy, Egypt’s Prime Minister Mostafa Madbouli plans to issue a decision that lists the land plots owned by a number of the NIA’s debtors, as a bank committee shall be responsible to assess the plots and to clear such debts.

Source: Mubasher

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