The National Investment Bank (NIB) has completed around 90% of its historical financial settlements and interdependencies, with a total value of EGP 298.8 billion, as the bank moves to restructure its operations and restore its investment and development role.

 

The progress was announced during a board meeting chaired by Planning and Economic Development Minister and NIB Chairman Ahmed Rostom to review the final stages of the settlements and approve the bank’s restructuring plan.

 

The settlements involved several government entities, including the General Authority for Reconstruction and Agricultural Development Projects, the National Media Authority, subsidiaries of the Holding Company for Water and Wastewater, the New Urban Communities Authority, the Egyptian Agricultural Authority and New Valley Governorate.

 

Rostom said completing a financial file that had remained unresolved for decades will help correct the bank’s financial position and provide a foundation for restoring its strategic role in supporting Egypt’s development efforts.

 

The next phase will focus on maximizing returns from the bank’s resources, improving the utilization of its assets and strengthening its capacity to undertake investment and development activities, he added.

 

The board reviewed plans to maximize returns from the bank’s real estate and investment assets acquired through the settlements, with a focus on improving their management and generating greater value for the state.

 

The board also discussed NIB’s potential role as a key national partner in the Infrastructure Financing Guarantee Facility (IFGF), which is being developed in cooperation with the World Bank Group and other international institutions.

 

The discussions aim to explore ways to leverage the bank’s capabilities to support the facility and expand investment in infrastructure projects, while developing long-term financing tools and encouraging greater private-sector participation.

 

Hussein Eissa, Deputy Prime Minister for Economic Affairs and an NIB board member, stressed the need to build on progress made over the past six months in restructuring the bank and improving its financial and institutional performance.

 

Investment and Foreign Trade Minister Mohamed Farid Saleh, also an NIB board member, said the settlements represent a pivotal step in correcting the bank’s financial position and will allow it to pursue its investment projects with greater flexibility and efficiency.