Egypt’s NIB settles 90% of historical financial obligations

Egypt’s National Investment Bank (NIB) has completed around 90 per cent of its historical financial settlements and interlinked obligations, totalling 298.8 billion Egyptian pounds, the Ministry of Planning and Economic Development said on Thursday.

Minister of Planning and NIB Chairman Ahmed Rostom chaired a meeting of the bank’s Board of Directors, attended by Deputy Prime Minister for Economic Affairs Hussein Eissa and Investment Minister Mohamed Farid.

The settlements covered several government entities, including the General Authority for Reconstruction and Agricultural Development Projects, the National Media Authority, subsidiaries of the Holding Company for Water and Wastewater (HCWW), the New Urban Communities Authority (NUCA), the Egyptian Agricultural Authority, and New Valley Governorate.

Rostom said settling the bank’s long-standing financial obligations, which had remained open for decades, would help improve its financial position and restore its strategic role in supporting the state’s development efforts.

“Closing this complex financial file, which has remained open for decades, marks a real starting point for putting the National Investment Bank’s financial position on a sound footing and restoring its strategic role in supporting the state’s development efforts,” Rostom said.

The board also reviewed plans to maximise returns from the bank’s resources, particularly real estate and investment assets transferred to the bank as part of the settlements.

It also discussed the bank’s potential role as a key national partner in the Infrastructure Finance Guarantee Mechanism (IFGF), which is being prepared in cooperation with the World Bank Group and other international institutions to support infrastructure investment.

Subediting: Y.Yasser