NIB-Egypt eyes settling military production debts

The National Investment Bank (NIB) seeks to reach a debt settlement agreement worth 4.5 billion Egyptian pounds (US$575 million) with Ministry of Military Production soon, board member Momtaz al-Saeed said Sunday.

Speaking to Amwal Al Ghad, al-Saeed stated that NIB is holding meetings with debtors and the ministry to agree on the final details within days.

It is expected to announce all details about the debt settlement in less than a month, the official clarified.

Meanwhile, the bank will also reach a debt settlement deal worth 10 billion Egyptian pounds with the National Railways Authority whose debts are estimated at 24 billion Egyptian pounds, in addition to 7.5 million pounds debt settlement with The Egyptian Radio and Television Union (ERTU) whose total debts worth 22 billion  pounds.

According to statements released by Central Bank of Egypt (CBE), NIB’s net debt reached 286.9 billion pounds at the end of December 2014, representing around 9.4% of GDP.