CAIRO: A ministerial decree issued Saturday by Prime Minister Ibrahim Mahlab ordered the formation of a senior authority for discussing, settling and finishing Egypt’s international arbitration cases, Youm7 reported Saturday.
The committee will be headed by Mahlab and include the ministers of justice, transitional justice, international cooperation and investment in addition to judiciary figures.
The authority is set to present legal counseling and financial settlements with opponents.
Sameh Sayed, deputy head of the State Litigation Authority, told Al-Borsa business daily Saturday Egypt is currently facing 12 international arbitration cases worth 26 billion EGP ($3.63 billion), and that most of these cases will be considered before The International Center for Settlement of Investment Disputes (ICSID).
He added many Egyptian bodies are suing Egypt for not paying back their debts, including the Nile Company for Cotton Ginning, which is suing Egypt for 17 billion EGP.
On July 12, Mahlab headed a ministerial meeting with investors to discuss ways of amicably resolving disputes instead of resorting to international arbitration.
Egypt won its last international arbitration case on May 10, in which it was being sued for $833 million by H&H Enterprises Investment, The Cairo Post reported.
H&H demanded compensation from the Egyptian government for losses they claim were incurred by the termination of a contract in 1989 for managing a hotel in Ain Sokhna.