Egypt’s Media Authority settles EGP88.3bn debt to National Investment Bank

Egypt signed an agreement on Wednesday to settle 88.3 billion Egyptian pounds in historical debts owed by the National Media Authority (NMA) to the National Investment Bank (NIB), as part of efforts to close the file of financial interconnections between state entities.

Prime Minister Moustafa Madbouly witnessed the signing of the framework agreement.

The agreement implements President Abdel Fattah El-Sisi’s directives to settle and close historical debts and financial interconnections between NIB and national entities, following direct monitoring by Madbouly and intensive meetings between the concerned entities.