Egypt has vowed to pay international oil companies $1.5bn – or around a quarter of outstanding receivables – in a bid to increase foreign investment in the country’s energy sector. “There is approval to pay $1.5bn,” Prime Minister Hazim al-Biblawi told delegates at an investment forum in Cairo this week.

Faced with a growing gas crunch and a stagnating economy, the provisional government is desperate to attract foreign investment into the energy sector and the country at large. The forum was aimed at GCC states in particular, whose governments have already pumped billions in aid into Egypt. (CONTINUED - 829 WORDS)