Africa-Press. Egyptian Finance Minister Ahmed Kouchouk stated that “total private investment in Egypt grew by 73% last year.”
Kouchouk made the remarks during a session at the World Economic Forum in Davos, at a time when the government is seeking to boost private sector participation and attract more investments.
Egyptian Prime Minister Mostafa Madbouly noted that “Cairo has paid around $5 billion in overdue bills to foreign oil and gas partners, and aims to reduce the remaining arrears to $1.2 billion by June 2026.”
In a statement on Wednesday, Madbouly said that “arrears stood at $6.1 billion as of June 30, 2024,” adding that “the government was also paying the partners’ monthly bills.”
A shortage of foreign currency forced Egypt to delay payments to international oil companies operating in the country, slowing investment and contributing to a decline in gas production, which has forced the country to rely heavily on imports since 2022.
