Egypt settles EGP9.8 bln NUCA debt to National Investment Bank
Egypt signed a framework agreement on Wednesday to settle 9.8 billion Egyptian pounds of accumulated debt and financial obligations between the New Urban Communities Authority (NUCA) and the National Investment Bank (NIB) to unwind longstanding liabilities across state institutions.
Prime Minister Moustafa Madbouly witnessed the signing at the Cabinet headquarters in the New Capital. Finance Minister Ahmed Kouchouk, Housing Minister Randa El-Menshawy, and Planning Minister Ahmed Rostom—who is also NIB chairman.
The deal was signed alongside a separate 88.3 billion-pound framework agreement covering historical debt owed by the National Media Authority to the National Investment Bank. Together, the two agreements amount to 98.1 billion pounds.
The settlements are part of a government campaign, under President Abdel Fattah El-Sisi’s directives, to resolve historical debts and financial entanglements between the National Investment Bank and state entities. Some of the obligations date back to the 1980s.
Rostom said the agreements are intended not only to settle outstanding liabilities but also to restructure the National Investment Bank’s financial position and strengthen its ability to resume its development role.
The latest deals bring total settlements between the bank and state entities since March 2026 to about 294.1 billion pounds, Rostom said. The settlements cover obligations involving the General Authority for Reconstruction and Agricultural Development, the Egyptian Agricultural Authority, the National Media Authority, NUCA, and water companies.
Further coordination between government entities will continue under Madbouly’s supervision to resolve remaining financial entanglements and outstanding debts, Rostom said.
Bank Returns to Profit
The National Investment Bank reported a net profit of 6 billion pounds in the latest fiscal year, compared with a 31.7 billion-pound loss in fiscal 2023/24. The results included the impact of several financial settlements, according to the government.
Rostom described the result as a historic turnaround, saying the resolution of accumulated debts and financial entanglements would strengthen the bank’s financial position and solvency.
The government views the National Investment Bank as a key development-financing arm, with the settlements expected to strengthen its capacity to support economic and development projects.
Subediting: Y.Yasser