The Ministry of Petroleum and Mineral Resources will begin paying off dues regularly to foreign oil firms starting this month.

The Egyptian government has paid off $1.2 billion of the $3.2 billion owed to foreign oil companies last week, instead of the scheduled payment in October.

Egypt has attracted $23.7 billion worth of indirect foreign investments in the Egyptian debt instruments, particularly treasury bills (T-bills), during the month following the liberalization of the Egyptian pound in March.

Egypt’s net international reserves (NIR) jumped to $40.361 billion at the end of March, the Central Bank of Egypt (CBE) stated.

Egyptian cabinet has approved amendments to some provisions of Law No.121 of 1982, allowing foreign investors to be registered as importers for a term of up to 10 years.