Egyptian business sector debt dropped by 77% in 3 years

Tawfik said that a settlement had been reached on the debt with only taxes outstanding

  
Sunset on the Nile river in Cairo, Egypt. Image used for illustrative purpose.

Sunset on the Nile river in Cairo, Egypt. Image used for illustrative purpose.

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RIYADH: Companies in the Egyptian business sector have managed to decrease their debts by a notable 77 percent in three years.

Hisham Tawfik, minister of Public Business Sector said the debts dropped from 44 billion Egyptian pounds ($2.8 billion) to 10 billion Egyptian pounds, with the remainder mostly consisting of taxes.

Tawfik said that a settlement had been reached on the debt with only taxes outstanding.

He added that the original value of the debt in 2018 also included costs such as electricity and petroleum.

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