Egypt’s HCWW owes funds to National Investment Bank, electricity ministry

Ministry of Finance will pay money to settle the company’s debt owed to NIB

  
Image used for illustrative purpose. Electricity pylons and power transmission lines are seen along a road in Cairo, Egypt September 10, 2017.

Image used for illustrative purpose. Electricity pylons and power transmission lines are seen along a road in Cairo, Egypt September 10, 2017.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: The Egyptian Holding Company for Water and Wastewater’s (HCWW) indebtedness to the National Investment Bank (NIB) and the Ministry of Electricity stood at EGP 21.6 billion, the company’s chairman Mahmoud Raslan told Mubasher.

It was agreed that the Ministry of Finance will pay EGP 13.6 billion to settle the company’s debt owed to NIB, Raslan added.

Raslan further revealed that HCWW owes the Ministry of Electricity a total amount of EGP 8 billion.

On the other hand, several state-owned bodies are indebted to HCWW, he remarked, noting that the company aims to reach an agreement with these bodies, together with the Ministry of Electricity to pay off their debts over monthly installments.

Source: Mubasher Exclusive

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