ArabFinance: The Egyptian Cabinet decided to waive 50% of the late payment charges on monthly jet fuel arrears that EgyptAir Holding Company owes to the Egyptian General Petroleum Company (EGPC), according to a June 10th statement.

The decision also includes a debt restructuring agreement, under which EgyptAir will pay off its arrears to the EGPC over eight years, with the repayment period effective after one year.

The national carrier earlier entered into negotiations with the National Bank of Egypt and Banque Misr over an EGP 3 billion loan.

Earlier, Finance Minister Mohamed Maait said that the holding firm would receive EGP 2 billion worth of a subordinated loan from the government.

 

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