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Updated · Xinhua · Jun 10Egypt Clears $6.1 Billion Energy Arrears as Tourism Revenue Rises 14.9%
3 articles · Updated · Xinhua · Jun 10Summary
- $6.1 billion in arrears owed to foreign oil and gas companies has been fully cleared, Egypt said, wiping out debt that had built up by June 2024.
- Karim Badawi said settling the overdue payments should restore investor confidence and help draw more investment into Egypt's energy sector.
- $14.4 billion in tourism revenue during July 2025-March 2026 added support for the economy, up from about $12.5 billion a year earlier.
- Inflation slowed to 13% in May from 13.4% in April as Egypt pushes to expand tourism capacity and attract fresh energy investment.
Insights
Is Egypt's record FDI a sign of recovery or a high-stakes sale of its most valuable assets? With 30 million tourists targeted, can Egypt's ancient wonders and Red Sea reefs survive the boom?