Egypt’s government debt to foreign energy companies declined from $6.1 billion in June 2024 to approximately $714 million by the end of April, according to an official statement.

Karim Badawi, Minister of Petroleum and Mineral Resources, said in a statement on Saturday that the decline comes as part of preparations to fully settle outstanding dues and reach zero arrears by the end of next month.

The minister explained that the regular monthly payment schedule, alongside efforts to reduce accumulated debt and the implementation of incentive measures, has helped strengthen companies’ confidence and encourage them to increase investments in exploration, production development, and field expansion.

These steps are expected to support domestic energy production and reduce the country’s import bill.

Earlier in March, Badawi added that coordination is underway to settle all remaining duesby June 30, emphasizing that this progress reflects a restoration of partners’ confidence and encourages them to inject further investments, during his speech at the opening of the ninth edition of the Egypt Energy Show (EGYPES 2026).