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Monday, December 16, 2013
Egypt announced that while it would be paying E&P firms around 24% of the total amount it owes, the originally negotiated funds to be paid in US currency will instead be paid in Egyptian pounds.
The country owes firms around $6.3 billion and announced, in hopes of attracting Middle Eastern investment, that it would pay $1.5 billion. Now the government says that will pay an estimated one-fifth of the owed amount in Egyptian pounds, or $300 million. Egypt also stated recently that it would repay a further $3 billion in monthly installments until 2017.
The repayment of the funds is to occur “in phases”, the first phase started on December 1 according to a statement on the Finance Ministry website said.
This amount will be paid in three tranches; the first tranche of $1 billion will be provided by the Central Bank which will deduct the amount in Egyptian pounds from its Finance Ministry accounts. The second tranche of $300 million will be paid for by the Finance Ministry and the state-run EGPC will pay the remaining $200 million.
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