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Mostafa Madbouly witnesses historic 102.75B debt settlement
The Prime Minister of Egypt announced the signing of a framework agreement between the Ministries of Finance, Planning, and Industry to settle a historical debt owed by the National Investment Bank, amounting to 102.75 billion Egyptian pounds. The settlement includes a waiver of late payment penalties totaling up to 51 billion pounds. This agreement helps strengthen the financial standing of the bank through partial payments by the ministry and the transfer of assets to the state, thereby improving financial performance and enhancing the role of the developmental bank. It comes within the framework of the state's efforts to resolve financial entanglements and reduce accumulated debts since the 1980s. Since February, the ministry and the bank have completed more than 400 billion pounds in financial settlements.
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