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National Investment Bank settles 102.75 billion debt
Egypt has reached a historic settlement regarding long-term debts owed by the National Investment Bank, amounting to 102.75 billion Egyptian pounds. These debts were owed by the General Authority for the Implementation of Industrial and Mining Projects. The agreement includes a partial cash payment from the Ministry of Finance, as well as the transfer of government assets to the bank to strengthen its financial position. Additionally, the authority has been exempted from late payment penalties totaling 51 billion pounds. This move is part of the state's efforts to resolve financial entanglements, improve the conditions of the National Investment Bank, and enable it to play a more effective developmental role and strengthen the national economy.
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