Arab Finance: The Egyptian General Petroleum Corporation (EGPC) has agreed with a consortium of local banks to get a one-year grace period to pay back its due installments worth $2 billion, four sources in the know told Asharq Business.

The EGPC will start paying its outstanding installments in foreign currency in early 2026 instead of 2025, upon its agreement with Egyptian banks, one source said.

It was reported previously that the Egyptian government would pay off $3.2 billion worth of dues owed to foreign oil companies in three installments before the end of the current fiscal year (FY) 2024/2025.

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