Engineer Mohamed Al Masry, Head of the Egyptian General Petroleum Corporation (EGPC), said that Egypt’s financial debts to foreign partners amount to $3.1b, Egypt Oil & Gas reported. He explained that the government will continue to pay off its debts, which will increase foreign partners’ trust and would consequently lead to more foreign investment in oil and gas exploration projects in various concession areas.

In an exclusive statement to Egypt Oil & Gas, Al Masry said that most of Egypt’s overdue debts are being paid in the Egyptian pound rather than in foreign currencies, adding that foreign partners understand the situation because of Egypt’s dollar shortage.