RIYADH: Companies in the Egyptian business sector have managed to decrease their debts by a notable 77 percent in three years.
Hisham Tawfik, minister of Public Business Sector said the debts dropped from 44 billion Egyptian pounds ($2.8 billion) to 10 billion Egyptian pounds, with the remainder mostly consisting of taxes.
Tawfik said that a settlement had been reached on the debt with only taxes outstanding.
He added that the original value of the debt in 2018 also included costs such as electricity and petroleum.