Egypt’s PM follows up NIB–Maspero financial settlement

Egyptian Prime Minister Moustafa Madbouly on Monday reviewed steps to resolve longstanding financial entanglements between the National Media Authority (Maspero) and the National Investment Bank (NIB), the Cabinet said in a statement.

Planning and Economic Development Minister Rania al-Mashat said the state-owned bank has made “significant progress” in recent years, both in internal restructuring and in settling debts with government bodies. She added the bank had developed an integrated framework for restructuring its obligations and plans to expand into new activities to reinforce its role in the economy.

Settling the debts would boost financial efficiency, reassure the business community and have “a major positive impact” on the wider economy, the statement added. The government also pledged to ease the financial burdens of the National Media Authority to help it continue its public mission.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser