Rédaction Africa Links 24 with MENA
Published on 2024-03-27 10:56:53
Prime Minister Moustafa Madbouly emphasized the importance of the State’s efforts to address the outstanding payments owed to foreign petroleum companies operating in Egypt. He highlighted the implementation of a comprehensive mechanism to ensure the timely repayment of these dues during a meeting held on Tuesday, 26th March 2024.
The meeting, which was attended by key figures including the governor of the Central Bank of Egypt, Hassan Abdullah, Petroleum Minister Tarek al-Molla, and Finance Minister Mohamed Maait, focused on the repayment of foreign partners involved in oil projects in Egypt. These actions are aimed at building confidence in the country’s energy sector and attracting additional foreign investments in the industry.
During the meeting, Cabinet spokesman Mohamed al-Homsany detailed the steps taken to initiate the payment of 20% of the outstanding arrears, with a scheduled plan in place to settle all remaining dues in the near future. This strategic approach demonstrates the government’s commitment to ensuring the financial obligations of foreign petroleum companies are met in a timely and organized manner.
The significance of addressing these outstanding payments cannot be overstated, as it not only fulfills contractual obligations but also showcases Egypt as a reliable and stable investment destination in the energy sector. By prioritizing the repayment of dues to foreign partners, the government aims to foster a positive investment climate that encourages further industry growth and development.
Prime Minister Madbouly’s emphasis on implementing a mechanism for repaying dues underscores the government’s proactive approach to managing financial commitments and maintaining strong partnerships with foreign companies. This commitment to prompt and efficient payments reflects Egypt’s dedication to honoring agreements and ensuring a favorable environment for foreign investors operating in the country.
Furthermore, the meeting highlighted the collaborative efforts of key government officials, including the Central Bank governor, Petroleum Minister, and Finance Minister, in overseeing the repayment process and ensuring its successful implementation. By working together and coordinating their actions, these officials are able to streamline the repayment process and uphold Egypt’s reputation as a reliable partner in the global energy market.
Overall, the government’s focus on addressing the dues of foreign petroleum companies demonstrates its commitment to fostering a stable and investor-friendly environment in the energy sector. Through strategic planning and effective implementation, Egypt aims to strengthen its relationships with foreign partners and attract additional investments that will contribute to the growth and development of its oil projects.
Read Original article on Egypt Independent
