Egypt paid $600 million in arrears owed to foreign oil firms in August and plans to pay another $400 million, cutting its debt to $2.5 billion, Reuters reported Wednesday.
Petroleum Minister Sherif Ismail told Reuters the country plans to decrease its arrears from its current $2.9 billion to $2.5 billion by the end of the year.
Egypt's delays in paying back foreign companies has discouraged other investors, as the country's economy continues to struggle with militant attacks and an energy crisis.
The Middle Eastern country was once a major exporter to Israel but became an energy importer in the past few years, according to Reuters.
The energy sector got a big boost two weeks ago when Italian gas group Eni found the largest gas field in the Mediterranean, a discovery that could help Egypt serve its gas needs for years to come.
