“Today we are reimbursing $1 billion to the foreign partners and the rest during this week,” the chairman of state-run Egyptian General Petroleum Corporation (EGPC), Tarek El Molla, told Reuters by telephone.
Approval of the $1.5 billion payment was announced by the government on December 4. The government said the next day it would repay a further $3 billion in monthly instalments until the end of 2017, hoping this will encourage needed investment in the energy sector.
Compiled from Reuters and staff reports
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