New Valley debt settlement totals 222.7M EGP
The Ministry of Planning and Economic Development announced the signing of a debt settlement agreement regarding the amount owed to the National Investment Bank by the New Valley Governorate, totaling 222.7 million Egyptian pounds. This agreement aims to resolve longstanding financial entanglements, thereby strengthening the bank’s financial position and supporting its developmental role in the national economy. The debt has been exchanged for land parcels within the governorate, with partial debt relief to expedite the resolution of the dispute. This move will contribute to activating the economic housing project and boosting local investments. It is part of the government’s efforts to settle debts totaling 298.8 billion pounds over the past six months, which has led to a significant improvement in the performance of the National Investment Bank. In Fiscal Year 2024/2025, the bank achieved profits of 6 billion pounds, a marked turnaround from a loss of 31 billion pounds in the previous year.
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