February 19, 2019

The Prime Minister Discussing the Payment of the Financial Debts of the Governmental Authorities for the Arab Contractors Company

The Prime Minister Dr. Moustafa Madbouli held a meeting for the debt payment which the governmental authorities owed for the Arab Contractors Company. This was in the presence of Dr. Essam El Gazar – the Minister of Housing, Utilities and Urban Communities, Eng. Mohsen Salah – the CEO and Chairman of the Arab Contractors Company, Dr. Onsy El Beshouty – Board Member of the Arab Contractors Company, Mr. Ahmed Abdullah – Head of the Final Accounts Sector in the Ministry of Finance and Mr. Mohammed Farid – First Deputy Minister of Planning. The Prime Minister stated at the beginning of the meeting that the Arab Contractors Company is one the governmental companies and has its financial dues in some governmental authorities; some of these dues were determined by final court decisions and has a formula for implementation but the Arab Contractors Company did not receive these dues; besides other financial dues for completed projects which was implemented for years ago. Meanwhile, the Arab Contractors Company has its commitments inside Egypt and abroad. There is a presidential assignment to quickly ensure the payment of dues of the company in various government agencies to avoid that the company's financial status got affected, consequently the company will be able to meet its commitments and completed the projects assigned to it. Mr. Mohammed Farid declared the necessity of the company should addressed the ministry by the final court decisions regarding its dues which should be received from the governmental authorities, its implementation formula, all its overdue for years ago and there will be a conciliation with the governmental authorities for the provision of the company dues. At the end of the meeting the prime minister mandates to finalize the procedures of the payment of the financial debts for the Arab Contractors Company within a week and provide a report about that issue.