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Elham AbolFateh

Business

Public sector companies lost EGP 2.7 billion last year

Thursday 11/October/2018 - 05:01 PM
Sada El Balad
Ahmed Moamar

Dr Hesham Tawfiq، Minister of Public Sector، said that companied under his ministry list EGP 2.7 billion due to cotton.
He added that he has coordinated with officials of the Central Bank of Egypt (CBE ) to borrow money to buy 450 thousand tons of cotton this season.
Those officials approved to lend the money.
But stipulated that interest rate should be within the commercial levels at 16%.
The minister revealed that talks are still ongoing in attempt to slash this high rate.
It is worth to mention that Ministers of Agriculture، Public Sector and House of Representatives (HoR) Affairs appeared today in house to discuss crisis linked to government’s refusal to receive cotton crop this year.

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