Egypt Watch

Land belonging to Egyptian Iron and Steel Co to be sold off to pay EGP 9 bn worth of debts

The New Urban Communities Authority is preparing to plan and zone the land belonging to the Egyptian Iron and Steel Co., the Egyptian state-owned industrial giant that the government decided to liquidate in January. The land is about 1,364 acres. “The authority will conduct land planning in preparation for the sale,” said Khaled Abbas, deputy minister of housing for national projects. “Planning will take two to three months.”

Otherwise, the minister of public sector said, on Wednesday, that the liquidation of the company will include the sale of the land to pay off EGP 9 billion worth of debts.

The Egyptian Iron and Steel Co shut down its furnaces and stopped working on 31 May. It was owned by the Egyptian state with a total share of about 82 per cent and 7,000 workers were kicked off waiting for compensation.