Cairo – Mubasher: Egypt's ministry of investment said Saturday that the General Authority for Industrial Development has reached final compromise on the international arbitration lawsuit filed by ArcelorMittal against Egypt.
After reaching an amicable settlement agreement in London, the world's largest steel producer has ceded an international arbitration claim against the Egyptian government, demanding a compensation of $600 million.
Commenting on the agreement, Investment Minister, Dalia Khorshid, said,” this settlement stresses the government's desire to end all disputes amicably with investors, in order to encourage investors and give a boost to the investment climate in Egypt,” according to a statement.
Earlier in 2008, ArcelorMittal won a license to build a plant to produce 3 tonnes of iron pallet for EGP 340 million.
The statement did not give further details on the amount to be reimbursed by the Egyptian government to the company.
