Cairo – Egypt: The Egyptian government intends to repay $500 million in dues to foreign oil companies next month, according to Al-Borsa newspaper.
The government will proceed in repaying the remaining dues amounting to $3.5 billion, after getting the third tranche of loans from the World Bank and the African Development Bank (AFDB).
Egypt is currently negotiating with the World Bank to settle on the date to receive the last tranche amounting to $1 billion from its $3 billion loan agreement.
Repaying debt to foreign oil companies in Egypt was one of the conditions set by the International Monetary Fund (IMF) to approve a $12 billion loan to the country.
