The Egyptian Ministry of Electricity agreed to obtain a loan worth EGP 5b to pay its dues to the Egyptian General Petroleum Corporation (EGPC) for fuel provided to power plants, reported Al Borsa News.

A source from EGPC stated that the company has sent a letter to the Ministry of Electricity and Renewable Energy asking them to apply for a loan with banks in order to pay back their late dues. EGPC will incur EGP 1.25b in interest fees for the loan.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, estimated overdue amounts owed by the Ministry of Electricity at EGP 60b, EGP 46b of which are late payments for fuel consumed by power plants.