Suez Canal Authority agrees with FinMin to pay off debts to state-owned banks

The Suez Canal Authority (SCA) has reportedly reached an agreement with the Finance Ministry that will see the ministry paying off the USD 600 mn the authority owes to state-owned banks, Al Shorouk reports. Under the agreement, the authority will pay off the remaining USD 300 mn it owes to the banks on its own. The SCA has reportedly fallen behind on its repayments since December 2018, with each instalment due six months apart.