Egypt sharply reduced its outstanding debt to foreign partners in the oil and gas sector, signaling renewed financial stability and a push to attract further investment in energy exploration and production.
Minister of Petroleum and Mineral Resources, Karim Badawi, announced that arrears owed to international partners have dropped from $6.1 billion in June 2024 to approximately $714 million by the end of April 2026.
The government now aims to fully settle the remaining balance by the end of next month, effectively reaching zero outstanding dues.
Badawi attributed the progress to consistent monthly payments combined with a structured plan to reduce accumulated debt. The effort has been supported by a series of incentive measures introduced to strengthen cooperation with foreign investors and improve the overall investment climate in the sector.
According to the minister, maintaining regular payment schedules has played a critical role in rebuilding trust with international partners. This, in turn, is expected to encourage increased investment in exploration, drilling, and field development activities across the country.
He added that boosting domestic production remains a key priority, as it will help reduce Egypt’s reliance on energy imports and ease pressure on the national budget.
The government’s strategy focuses on both expanding output from existing fields and accelerating new discoveries, positioning the energy sector as a cornerstone of economic growth.
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