Government reaches settlement on El Nasr for Steam Boilers

The government will make a EGP 624 mn indirect payment to Saudi Arabia’s Al Kholoud and Faisal Bank to settle the dispute over El Nasr for Steam Boilers, company chairman Emad El Din Mostafa told Youm7. The government will pay the money to other government entities to which Al Kholoud and Faisal Bank owe money. The holding company will obtain the 29-feddan land plot, which is valued at EGP 864 mn, on which El Nasr’s factory is built. The company will hand over the land to the Oil Ministry instead of repaying the settlement. The government is expected to sign the settlement agreement tomorrow.