Prime Minister Moustafa Madbouly said that Egypt’s success in settling all outstanding dues owed to foreign energy companies sends a strong message of confidence in the Egyptian economy. In his remarks at a press conference following his tour of development projects in Beheira Governorate, Madbouly said that arrears owed to foreign companies stood at $6.1 billion in June 2024.
Although the government had planned to settle the dues by June 2026, the final payment was made on June 10, 2026. He said that the achievement has received positive international reactions and reflects the government’s commitment to honoring its financial obligations.
Madbouly added that President Abdel Fattah El Sisi closely monitored the repayment plan to ensure its completion. He also reviewed ongoing efforts to upgrade infrastructure in Beheira, including development works on the International Coastal Road. He noted that the section linking Port Said and Alexandria is being expanded to improve traffic flow, increase road capacity, and enhance safety for motorists and freight transport.
Madbouly asserted during his inspection of the West Delta Deep Marine natural gas production sites and the Idku liquefaction plant that both are mega projects implemented with international partners like Shell, Chevron, Total, and KUFPEC, alongside Egyptian national companies.
Madbouly highlighted the strategic value of the $10 billion Idku plant, noting Egypt's advanced infrastructure has established it as a trusted regional gas hub. He added that Idku will liquefy and re-export gas from the planned Cypriot field connection, fulfilling President Abdel Fattah El Sisi's directives to make Egypt an integrated regional energy hub.
In Rashid, the Prime Minister inspected the historic King Farouk Palace in Edfina, stating that plans are underway to maximize its tourism and hotel potential following restoration. He pointed out that Rashid ranks second after Cairo in Islamic monuments, noting the state is restoring them and developing the old area into an integrated tourist destination.
The Prime Minister also visited Rashid Hospital, highlighting its comprehensive development to serve several neighboring areas, including the current installation of an advanced CT scanner and enhanced ICU services. Concluding the tour, Madbouly inspected the Rashid fishing port ahead of its upcoming operation.
He emphasized that the state keenly supports the local yacht manufacturing industry, which exports to the Gulf and Europe, as a promising value-added sector.