The Ministry of Electricity has settled EGP 21.2b of its debts to the Ministry of Petroleum, from a total debt of EGP 60.9b, Daily News Egypt reported.

Banque Misr and the National Bank of Egypt granted the Ministry of Electricity a loan of EGP 20b to be repaid over 7 years with a grace period extending to 2 years. The additional EGP 1.2b was paid from collected revenues of electricity bills.

Furthermore, The Ministry of Electricity agreed with the Ministry of Petroleum to pay EGP 500m per month, while the Ministry of Finance will pay 50% of its monthly bill. The Ministry of Electricity is willing  to reduce its total debt to EGP50 bn by the end of 2017.

In relevant news, The Egyptian Electricity Transmission Company (EETC) is working on establishing 3 transformer stations in Beni Suef Industrial Zone at a voltage of 500/220 KV and a capacity of 450 MV per station. The implementation of stations is expected to be completed in the last quarter of 2017.