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Israel Electric to Forgo $1.3 Billion of Egyptian Debt
(Globes) Amiram Barkat - Israel Electric Corp. (IEC) has confirmed that it has agreed to forgo most of the money that was awarded to it in Swiss arbitration proceedings from Egyptian gas companies EGPC and EGAS. IEC said Tuesday that it is in "very advanced negotiations for a settlement" to receive $500 million from the Egyptian gas companies. $60 million will be paid on the signing of the agreement and the remainder over 8.5 years with guarantees from an Egyptian bank. In 2015, Swiss arbitrators awarded IEC $1.8 billion for non-supply of gas from 2011 onwards after the pipeline in Sinai was repeatedly sabotaged.