Maspero Swaps Assets for Debt

Cairo44 assets worth LE18.06 billion changed hands.

Egypt’s state broadcaster cleared LE139.7 billion of debt it has piled up since the 1980s.

The Planning Ministry says LE51.4 billion in interest and penalties was written off and state land covers another LE70.24 billion.

The Cabinet first announced LE88.3 billion, and sources cannot say how officials valued the assets.

The file closes fully once settlement procedures finish, the Planning Ministry says.

Sources: Mada Masr