CAIRO: The Ministry of Electricity and Renewable Energy approved Sunday to settle the due debts of tourism bodies to electricity companies after requests of the Egyptian Tourism Federation’s (ETF) to relieve the burdens.
The Egyptian Electric Holding Company noted in a report issued on Sunday that the debts of the tourism sector in South Sinai and Red Sea governorates to the Canal Company for Electricity Distribution CCED upped to 21.89 million EGP ($3.15 million) in December 2013.
Tourism companies in the Cairo governorate had a debt of 13.8 million EGP ($1.9 million) to the South Cairo Electricity Distribution Company in December 2013, while the tourism sector in Luxor and Aswan owed the Upper Egypt Electricity company a total 13.9 million EGP ($2 million.)
The electricity companies in Cairo and the Sinai agreed to settle the debts of the tourism companies in a construction that 50 percent of debt is paid in cash directly, while the remainder will be paid in installments over the next six months, including interest. The report further noted that the Upper Egypt Electricity approved settling the due debts according to the tourist companies’ financial circumstances.
Originally published in Youm7.