Minister of Planning and Economic Development Ahmed Rostom discussed on Tuesday with Chairman of the National Media Authority (NMA) Ahmed Al-Moslemany joint efforts to resolve financial overlaps and settle longstanding debts owed by the authority to the National Investment Bank (NIB).
Rostom said the meeting followed directives to accelerate the resolution of outstanding financial issues between the NIB and the NMA, under close follow-up of Prime Minister Moustafa Madbouli.
He said significant progress had been made in settling the NIB’s historic debts.
He added that resolving the outstanding files would strengthen the bank’s financial position and form part of a comprehensive restructuring plan aimed at maximising returns on its assets and enhancing its role as a key development financing arm supporting Egypt’s economic and social development plans.
Al-Moslemany thanked Rostom for the ministry’s support and cooperation, saying the swift measures would help advance the National Media Authority’s development and strengthen its institutional and media role.
The efforts follow the signing in June of two framework agreements to settle historic debts dating back to the 1980s, worth more than EGP 196 billion. The settlements covered subsidiaries of the Holding Company for Water and Wastewater, The General Authority for Reconstruction Projects and Agricultural Development, and the Egyptian Agricultural Authority.
