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The Egyptian government considers the sale of $ 150 million dues of Egyptian companies in Iraq to the banks
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Translated by IRAQdirectory.com - [12/14/2006]
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The Egyptian government is currently studying the sale of the debt owed to the Egyptian companies exporting to Iraq, within the memorandum of understanding that was signed between the two countries for trade exchange in the framework of the oil-for-food program, for a group of banks that were not determined yet. The Ministry of Trade and Industry held a meeting last week attended by representatives of City Bank, the Iraqi Central Bank and the International American Bureau N.C Newing to discuss how to implement the process of selling the debt after the despair of Egyptian companies to recover their dues since the outbreak of the Gulf War in 1990.
The Ministry of Trade has computed the dues of the Egyptian companies exporting to Iraq and which the Iraqi government must pay back, in collaboration with one of the Egyptian public banks, according to the interest rate of the euro as a rate on loans between banks in London market, and these benefits amounted to about $ 150 million.
The number of companies that have dues on Iraq are about 58 companies from public and private sectors, including: Egypt company for Aluminum, Channel for ropes, Al-Ahram Beverages, Memphis medicine, the general company for metals, the Eastern for Spinning and Weaving, the Arab for foreign trade, the development of chemical industries, Egypt for Spinning and Weaving at Al- Mahalla, as well as Kafr Al-Zayat for pesticides.
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