The Egyptian Electricity Transmission Company (EETC) paid EGP 96m in compensation to 19 companies due to the devaluation of Egyptian pound after the Central Bank of Egypt’s decision to float the currency, which affected the EETC’s construction and supply contracts with those companies during the period from 1 March to 31 December 2016.
Sources at the EETC said that the compensations were paid upon the request of the affected companies.
Daily News Egypt received a copy of the payment list. EGMAC received the highest compensation of EGP 71m, followed by El Sewedy Electric by EGP 16m, then Al Sedek Contractors that received EGP 2.3m.
The EETC paid Emanco for Trading and Engineering EGP 1.5m, EGP 905,000 for ABB, EGP 880,000 for the Productive Cooperative Association for Construction and Housing, EGP 147,000 for Alex Build for Trading and Construction Company, and EGP 417,000 for Al Amal Company for Contracting. The other 11 companies received a total of EGP 610,000.