NIB to finance economic state authorities’ investments

The National Investment Bank of Egypt (NIB) targets pumping funds worth 2.5 billion Egyptian pounds (US$319.4 million) in order to finance investments state economic authorities’ planned investments within fiscal year 2015-16, board member Momtaz al-Saeed stated Sunday.

Speaking to Amwal Al Ghad, Al-Saeed refuted the presence of any current large financing operations made for the economic authorities, saying the funding process would be be for projects with feasibility studies.

The official said that NIB is currently finishing the procedures of establishing a company for consultancies, technical and financial studies.

The company- which is expected to make studies for some projects during the current fiscal year- is to provide necessary studies for the governmental projects among state’s plan for social and economic development, he added.

The National Investment Bank of Egypt (NIB) also plans to launch a mutual fund aiming to support insolvent public firms 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.