The Egyptian government has promised to pay back a quarter of the debt it owes oil firms following the economic downturn after the Arab Spring events.
The country has been struggling to pay energy companies for their fuel products following political and economic turmoil since the ousting of its president Hosni Mubarak in February 2011.
The political uncertainty dramatically decreased tourism and foreign investment revenues in the region.
By the end of 2012 the country owed more than $5.2billion to oil majors, including BP, BG Group, Edison SpA and TransGlobe Energy, according to official reports.
The current bill is estimated at $6billion (£3.67billion)
The announcement comes after months of discussions over the repayment schedule which was promised after the ousting of the most recent president, Mohamed Mursi, in July this year.
The promised $1.5 billion will be supplied by the central bank, Egypt’s Finance Minister Ahmed Galal said at an investment conference today.
The country’s officials are hoping to attract $4 billion-$5 billion in direct foreign investment by June 2014 from an expected increase in international deals following the announcement.
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