The Ministry of Electricity has agreed to repay EGP 1.3 billion per month to the Ministry of Petroleum for the fuel supplies provided to the power generation plants, after it has already paid EGP 35 billion of its arrears, an official source in the Ministry of Electricity reportedly told Al-Borsa.
Part of the installments of the Ministry of Electricity’s arrears to National Investment Bank (NIB) and the Ministry of Petroleum is paid by the Ministry of Finance, the source noted, adding that the finance ministry also bears the electricity bills of government entities, after the review of the Accountability State Authority (ASA) on a quarterly basis.
Meanwhile, the Egyptian Electricity Holding Company (EEHC) has made a deal with some public enterprise sector companies, the Holding Company for Water and Wastewater (HCWW), and Al-Awqaf to reschedule its arrears, while the National Renewable Energy Authority (NREA) has paid EGP 1.2 billion of its arrears to the National Bank of Egypt (NBE) and NIB.
Prime Minister Mostafa Madbouly recently chaired a meeting to follow up on resolving financial entanglements between ministries. The meeting was attended by the Minister of Petroleum, Tarek El Molla; the Minister of Electricity, Mohamed Shaker; and the Minister of Finance, Mohamed Maait.