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Government reveals Maspero debt settlement
The Ministry of Planning and Economic Development announced the settlement of the National Media Authority's debt owed to the National Investment Bank, which traces back to the 1980s. All interest and late fees amounting to a total of 51.4 billion pounds have been canceled, bringing the final outstanding debt to 88.3 billion pounds. The settlement includes transferring ownership of 44 unused assets belonging to the Authority, valued at 18.06 billion pounds, to the bank as part of the debt payment. Additionally, the government will provide land from its assets to the bank to cover the remaining balance. Furthermore, the pledge on the Authority's shares in NileSat and Media City has been解除d, enabling the Authority to fully benefit from its investments and strengthen its financial position. This measure aims to support the financial stability of the bank and facilitate restructuring and development of the National Media Authority.
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