Arab Finance: Prime Minister Mostafa Madbouly witnessed the signing of a framework agreement to settle a long-standing debt of EGP 102.75 billion, owed by the Industrial and Mining Projects Authority (IMPA) to the National Investment Bank (NIB).  

Under the agreement, a total of EGP 51 billion in late-payment penalties will be waived, reducing IMPA’s financial burden and supporting its ability to implement planned development projects.

The settlement will be funded through a cash payment by the Ministry of Finance, alongside the transfer of state-owned assets to NIB. The bank will use the assets to generate returns through investment and reinforce its financial position.

The agreement was signed by Minister of Finance Ahmed Kouchouk, Minister of Planning and Economic Development and NIB Chairman Ahmed Rostom, and Minister of Industry Khaled Hashem.

Rostom said the agreement represents a significant milestone toward resolving financial interdependencies among state entities.

He also added that it brings the total value of debts resolved and formalized by the Ministry of Planning and NIB to more than EGP 400 billion, including complex liabilities accumulated over several decades, some dating back to the 1980s.

Other settlements involved key entities such as the National Media Authority (Maspero), the General Authority for Reconstruction Projects and Agricultural Development (GARPAD), the Holding Company for Water and Wastewater (HCWW), the New Urban Communities Authority (NUCA), and the Egyptian Agricultural Authority.

During fiscal year (FY) 2024/2025, the lender achieved a net profit of EGP 6 billion, compared to a loss of EGP 31.7 billion in FY 2023/2024.