Banque Misr signed a joint cooperation protocol with the Ministry of Finance to settle about EGP 2bn owed to the bank on Wednesday 24 October.

The protocol was signed by Mohamed Moeit, minister of finance, and Mohamed El-Etreby, chairperson of Banque Misr.

The protocol aims to end tax disputes between the two sides and coordinate between both entities towards establishing a legal framework. Furthermore, the agreement stipulates specific implementation mechanisms in order to settle the amount due to the bank. This is to maintain the interests of both parties, without incurring additional harm to the state treasury, nor imposing further burdens upon it.

The Ministry of Finance owes Banque Misr EGP 2bn in tax disputes since 1991. The ministry has acknowledged the bank’s positive response towards ministry’s efforts to repay this debt, with added interest, on bond tax proceeds issued by the finance ministry for subsidised goods between 1993 and 1997.