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Government settles 102.75B pounds in industrial debts
A comprehensive agreement has been signed to settle a historic debt of 102.75 billion Egyptian pounds owed by the National Investment Bank, which was one of the largest unresolved liabilities at the governmental level. The agreement includes a cash repayment by the Ministry of Finance and the transfer of state-owned assets to the bank for use in strengthening its financial position and restoring its developmental role. This step comes as part of the state's efforts to clear financial entanglements, achieve financial stability, and transform the bank into an effective developmental arm. It also incorporates innovative strategies such as asset swaps and partial exemptions, contributing to enhancing the resilience of the Egyptian economy and reducing reliance on direct government financing.
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