The Ministry of Social Solidarity made the announcement Sunday.
The deal had been sealed with the aim to pay accumulated dues owed to social funds over a period of 50 years.
The meeting included Prime Minister Mostafa Madbouli, and the ministers of finance, public enterprise, and social solidarity.
The Treasury Authority owes the National Social Insurance Authority LE 642 billion.
The debts of eligible defaulters will be fully paid while the lawsuits against them will be dropped.
Egypt's Labor Representation Bureau in Athens succeeded in acquiring and delivering the payout.