Prime Minister Presides Over 102.75 Billion Pound Debt Deal
Prime Minister Mustafa Madbouly attended the signing of a framework settlement agreement to resolve a historic debt totaling 102.75 billion Egyptian pounds owed by the National Investment Bank. The agreement includes waiving late penalties of 51 billion pounds, providing partial cash financing from the Ministry of Finance, and transferring assets from the state to support the bank. This settlement aims to reduce the financial burden on government entities, strengthen the bank’s financial position, and achieve economic gains for the country. It will contribute to improving the country’s credit rating and unlocking financing for the private sector. This is a decisive step in resolving one of the most longstanding financial issues dating back to the 1980s. It supports plans to boost economic and social development and develop government assets.
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