Egypt's Minister of Planning and Economic Development, Dr. Ahmed Rustom, chaired a meeting of the National Investment Bank's board of directors, discussing the final developments in resolving historical financial overlaps and approving the bank's restructuring plan. The meeting was attended by Deputy Prime Minister for Economic Affairs, Dr. Hussein Eissa, and Minister of Investment and Foreign Trade, Dr. Mohamed Farid Saleh. The board announced that 90% of the bank's historical financial overlaps, worth 298.8 billion EGP, have been completed.
The completed overlaps involved key government entities, including the General Authority for Agricultural Projects and Development, the National Media Authority, and companies affiliated with the Holding Company for Drinking Water and Wastewater Treatment. Dr. Rustom attributed this achievement to the continuous support of Prime Minister Mostafa Madbouli and cooperation with relevant ministers and entities. He emphasized that resolving this complex financial issue, which had been open for decades, marks a significant milestone in correcting the bank's financial position and restoring its strategic role in supporting state development efforts.
The board discussed the bank's future vision, focusing on maximizing returns from its resources and optimizing the management and utilization of its real estate and investment assets acquired through these settlements. The goal is to ensure the highest added value for the state. The meeting also explored the bank's potential contribution to the Infrastructure Financing Guarantee Facility (IFGF), being prepared in collaboration with the World Bank and international institutions.
Deputy Prime Minister Dr. Hussein Eissa praised the exceptional efforts made to restructure the bank and improve its financial and institutional performance. He stressed the importance of building on this progress to continue enhancing the bank's efficiency and increasing its financing capabilities in the coming phase. Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, commended the pivotal role played by the Ministry of Planning and Economic Development in completing these massive settlements.
The meeting was attended by several high-ranking officials, including former Investment Minister Osama Saleh, Deputy Chairman and Managing Director of the bank Dalia Mustafa, and representatives from the Central Bank of Egypt, the Egyptian Financial Company, and the National Center for Planning State Land Use. Dr. Rustom expressed gratitude to outgoing board members for their valuable contributions to monitoring settlement files and managing the bank during the past critical phase.
The National Investment Bank's restructuring plan aims to restore its role as a pivotal investment and development arm of the state. The bank's efforts to maximize returns from its assets and enhance its financing capabilities are expected to support Egypt's development goals. The completion of historical financial overlaps marks a significant step towards achieving these objectives.
The National Investment Bank's board of directors will continue to work on implementing the bank's restructuring plan and exploring opportunities to support state development efforts. Key priorities include optimizing asset management, enhancing financial performance, and contributing to Egypt's economic growth.
Key points
- The National Investment Bank has completed 90% of its historical financial overlaps, worth 298.8 billion EGP.
- The bank's restructuring plan aims to restore its role as a pivotal investment and development arm of the state.
- The bank will focus on maximizing returns from its assets and enhancing its financing capabilities to support Egypt's development goals.
