google-site-verification=05o4qf8sTVLk2BoB5HQJptxg7g0KtP50D4JLI8HDAbE
  • Matt Spencer

Egypt pays $1.5 billion arrears to international oil firms | North Africa

Egypt owes a lot of capital to international oil firms, and the country can not move forward economically, or progress in any way until the debt has been payed.


Egypt hasn’t had it easy over the last several years; the country’s economy has been an injured one due to political disturbance that made tourists and investors to afraid to enter the country. This resulted in diminishing tax revenues and inflows of foreign currency.

The government of Egypt has had the difficult task of trying to get oil companies investing again in extraction and exploration across the region. Egypt’s government intends to achieve the targeted economic growth of 3.5% in the economic year to end-June.

So who exactly is providing this capital for the payment of the country’s debt? It was disclosed that the central bank would supply the dollars needed to pay the international oil firms. Financial disclosures by firms including BP PLC, BG Group, Edison SpA and TransGlobe Energy show Egypt owed them more than $5.2 billion at the end of 2012.

In the week after the army takeover, Saudi Arabia, Kuwait, and the United Arab Emirates pledged a combined $12 billion in grants, interest-free loans, and oil products.

edited from

If you are looking to gain more experience in the Mining sector field? Do you want to advance your skills and be part of Africa’s mining and commodity sector? Feel free to send me your CV directly! You can forward your CV to zoe [at] caglobalint [dot] com 


#debt #economy #Eqypt #internationaloilfirms

© 2020 All Rights Reserved | Privacy Policy | CA Global International | Designed by Epicdev (Pty) Ltd.