Breaking News

Tweet TWEET

Egypt Allocates $100 Million in New Funds for Fuel Purchases

Egypt’s finance minister said today his ministry had allocated an additional $100 million for fuel purchases in a bid to ease ongoing shortages in the market.

Momtaz el-Saieed said in a statement that the ministry had also taken “urgent measures” to ensure that other commodities were available in the market.

The additional funds raised to $4.3 billion dollars the amount given to the Egyptian General Petroleum Corp. until now, the minister said, without saying over what period the funding had been provided.

To contact the reporter on this story: Abdel Latif Wahba in Cairo at alatifwahba@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.