Egypt’s Prime Minister Mostafa Madbouly held a meeting with the Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, and Minister of Petroleum and Mineral Resources Karim Badawi, to review the ongoing efforts to ensure the availability of petroleum products and the status of the arrears owed to foreign partners in the petroleum sector.
At the start of the meeting, Madbouly commended the close coordination between the government and CBE in securing the necessary financial allocations to maintain a strategic stockpile of petroleum products. He emphasized the government’s proactive measures to meet the needs of the electricity and industrial sectors, as well as other domestic consumers.
According to Mohamed El-Homsani, the Cabinet’s Spokesperson, the discussions focused on the banking sector’s role in working alongside relevant ministries and agencies to mobilize the foreign currency resources required to meet petroleum demands.
The meeting also reviewed plans for petroleum exploration, updates on the operations of international oil and gas companies in Egypt, and the schedule for settling arrears to the foreign partners. The Prime Minister instructed that efforts be intensified to ensure these payments are made on time, while continuing to attract new investments and address any challenges facing investors in the sector.
