The Egyptian Electricity Ministry is looking to collect the EGP 1.2b in overdue power bills owed by public sector companies as its monetary shortages have been hindering it to follow up with its existing commitments and finance new projects, Al Borsa reported.
Sources at the Egyptian Electricity Holding Company stated that the shortage happened as some public sector companies as well as some governmental institutions stopped paying their electricity bills. Therefore, CEOs of electricity distribution companies met with public sector companies to urge them to pay dues.
Minister of Public Sector Affairs, El Sharkawy, encouraged the ministry’s holding companies to pay their dues to both the Ministry of Petroleum and the Ministry of Electricity. The minister further pointed out the importance of rescheduling late dues.
The sources explained that El Sharkawy is planning to meet with Minister of Electricity, Mohamed Shaker, to discuss rescheduling debts in order to help companies to repay the debts regularly.
Paying the debts will empower the Ministry of Electricity to supply energy required to all fields of development and to finance new electricity production, transmission and distribution projects across Egypt.