Arab Finance: Ahmed Rostom, Minister of Planning and Economic Development, witnessed the signing of a settlement agreement regarding outstanding debt owed by the New Valley Governorate to the National Investment Bank (NIB), totaling EGP 222.7 million.

This agreement aligns with the ministry's efforts to resolve long-standing financial entanglements, strengthening the bank’s financial position and creating significant fiscal space for it to resume its developmental role in supporting the national economy.

Rostom, who is also the NIB Chairman, revealed that the bank's board of directors is currently implementing a comprehensive investment plan based on strategic partnerships with the private sector.

This initiative aims to ensure the optimal utilization of assets that have come into the Bank’s ownership, transforming them into income-generating investment projects that bolster the sustainability of its financial standing.

Over the past six months, the ministry has succeeded in settling major financial entanglements, some dating back to the 1980s, at a combined value of EGP 298.8 billion.

These 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.

These settlements are expected to have a direct impact on the NIB's financial results for the current fiscal year (FY). This follows a significant turnaround in FY2024/2025, during which the lender shifted from recording losses of EGP 31 billion in FY2023/2024 to achieving a robust net profit of EGP 6 billion.