The Egyptian Ministry of Finance approved issuing a financial guarantee for a new 250MW wind farm in the Gulf of Suez to be granted to a venture between Toyota, Orascom and GD France.
The Egyptian government approved a draft bill that would settle over 6,000 tax dispute cases worth about EGP 47b ($5.29b), in addition to 150 civil disputes. The total value of uncollected tax arrears has reached EGP 70-80b.
The debt of the Ministry of Petroleum to the Ministry of Finance has climbed to reach EGP 100bn. The main reason for that was the Ministry’s effort to pay accumulating arrears to foreign partners.