The Assets Committee of Egypt’s National Investment Bank (NIB) reviewed on Tuesday the assets transferred to the bank’s ownership and discussed proposed partnership mechanisms to maximise their value and strengthen the bank’s financial position.
The meeting was chaired by Ahmed Rostom, Minister of Planning and Economic Development and Chairman of the NIB’s Board of Directors.
The primary objective was to discuss the optimal utilisation of assets transferred to the bank following settlements signed in recent months, Rostom said.
Through co-ordinated efforts with various entities and under the leadership of Prime Minister Moustafa Madbouly, the NIB has successfully concluded historic settlements, some dating back to the 1980s, the minister added.
He noted that these settlements highlighted the importance of resolving long-standing outstanding issues in ways that benefit both the bank and the entities concerned, while improving the bank’s financial position and enabling it to resume its development and investment role.
Rostom stressed the state’s keenness to maximise returns from these assets through partnerships with the private sector and relevant entities.
He added that various proposals and mechanisms were currently being examined to ensure the optimal utilisation of the assets.
The NIB has signed framework agreements with several entities to settle outstanding financial obligations estimated at around LE400 billion.
The settlements have resulted in the transfer of ownership of a number of assets to the NIB.
