debt of 80 companies to be settled

The Egyptian Ministry of Public Works decided to form joint committees from the companies and the banks to settle the debts of public sector companies. The committees will start their meetings next November, which will be attended by the Minister of Public Works, Dr. Atef Ebeid and the Governor of the Central Bank, Ismail Hassan.

Ebeid said that the debts of 80 companies are L.E. 8 billion and that the companies will hold negotiations with the banks to settle the debts of 65 companies through separate negotiation with each company.

The banks had agreed to settle the debts of 15 companies. 30% of the debts of Egypt-Helwan for Weaving Industries was settled and the remaining debts were dropped.

Ebeid added that other committees will evaluate the stored materials in these companies, and the Central Accounting Authority will participate in these committees. The stored materials in these companies are worth L.E. 4 billion, the volume of the production of these companies is worth L.E 26.1 billion. The products in stores are worth L.E. 800 million, these products will be put up for special sales in international auctions.