NIB mulls new Mutual Fund to support Egyptian Bankrupt State Firms

The National Investment Bank of Egypt (NIB) is to launch a mutual fund aiming to support insolvent public firms, board member Momtaz al-Saeed announced Tuesday.

Speaking to Amwal Al Ghad, the banking official said the mutual fund would be with capital worth 5 billion Egyptian pounds (US$638,5 million).

The bank is still conducting studies on the anticipated fund, which is designed to support the restructuring of the insolvent public companies so that they could eventually improve their financial positions and turn into profitability, al-Saeed added.