EEHC borrows EGP 51B from local banks to pay off debt to Petroleum Ministry
Updated 6/3/2024 7:58:00 AM
Arab Finance: The Egyptian Electricity Holding Company (EEHC), affiliated with the Ministry of Electricity, has borrowed around EGP 51 billion from a local banking consortium of five banks to pay off part of its debt to the Ministry of Petroleum and Mineral Resources, a government official told Asharq Business.
It is worth noting that the debt of the electricity ministry to the petroleum ministry surpassed EGP 200 billion at the end of last March, compared to nearly EGP 160 billion at the end of December 2023.
The official highlighted that the Ministry of Electricity is facing a severe revenue shortfall due to the increased cost of producing kilowatts/hours as compared to last year.
This is along with the depreciation of the Egyptian pound against the US dollar to EGP 48 from EGP 30.95 following the liberalization of the local currency, the official added.
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