Government Claiming L.E. 1.2 Billion from Steel Producers

Egyptian Government is claiming L.E. 1.2 billion, about $ 193 million, from four steel producers being the cost of licenses issued to them for new steel projects. This included two licenses issued to Ezz Group, one to Tiba Co., one to Egyptian Sponge Iron Co. and one to Bishay Group. The draft for the final agreement to be signed with the four groups, still to be endorsed by the Cabinet, provides for effecting 15% immediate down payment with the balance to be made payable over 5 equal yearly installments after an 18 months grace period.