Egyptian Prime Minister Discussing on Payment of Financial Debt to Arab Contractors Company

Egyptian Prime Minister, Dr. Moustafa Madbouli, recently held a meeting with government officials regarding the payment of outstanding debt owed Arab Contractors Company.

Present at the meeting was Dr. Essam El- Gazar; the Honorable Minister of Housing, Utilities and Urban Communities, the Chief Executive Officer and Chairman, Arab Contractor Company; Engineer Mohsen Salah. Others are Dr. Onsy El Beshouty, Board Member of the Arab Contractors Company (who goes by the name) Ahmed Abdullah; Head of Financial Accounts in the Ministry of Finance as well as Mr. Mohammed Farid who is the First Deputy Minister of Planning.

The Prime Minister stated at the beginning of the meeting that the Arab Contractor Company is one of the companies operated by the government and has its financial dues in some governmental authorities and some of these dues were authorized by final court order, and that the financial dues have a formula for execution but that the Arab Contractors Company did not receive the funds.

This, however, is not included in other financial dues for various completed construction project which was executed over several years back.

Albeit, the Arab Contractors Company has its commitment within the country of Egypt and outside the country. Therefore, there is a Presidential order to as a matter of urgency to pay off the debt owed the construction company from the completed project which had been executed in the last four years.

According to Dr. Moustafa Madbouli, the debt would help the company in maintain its status. In the light of this, the company would be able to meet up with its commitment to deliver projects on time.

In his contribution, Mr. Farid Mohammed reiterated the need for the company to address the Ministry of Planning about the final court decisions regarding debts which the government agencies is supposed to pay them, their method of project implementation as regards all its outstanding dues years back. This would enable a reconciliation and collaboration with various government agencies to provide the outstanding dues.

At the end of the meeting session, the Prime Minister still admonished all parties concerned to finalize payment arrangement for the debt owed Arab Contractors Company within one week and forward a report to that effect.