National Bank of Egypt to sell NIB’s investment certificates among own savings vessels

The National Investment Bank (NIB)’s investment certificates managed by The National Bank of Egypt (NBE) will be added to the latter saving vessels, according to Deputy Chairperson of the NBE Yehia Aboul Fotouh

The National Investment Bank has sold its investment certificate to NBE as part of its resurrection plans.

Aboul Fotouh added that his bank will continue issuing the NIB’s investment certificates Group A, B, and C normally.

The net sales of these certificates until the end of December 2020 stood at about 435 billion pounds, compared to about 155 million pounds in December 1972.

In 1964, the NBE began studying the systems of savings and investment certificates, and in January 1965 a system of investment certificates was introduced for the first time in Egypt.

Under law No 8 of 1965, issued by the President on 31 March 1965, the bank was entrusted to issue these certificates, on behalf of the Ministry of Finance.

This contributed to supporting savings awareness among Egyptians, and financed the development plan on terms determined by the Ministry of Economy and Foreign Trade. These terms were based on the proposal of the NBE’s Board of Directors at the time.