Ahmed Rostom, Minister of Planning and Economic Development and Chairperson of the National Investment Bank (NIB), chaired a meeting of the bank’s Assets Committee to review assets transferred to the bank and discuss proposed partnership mechanisms to maximise their utilisation and strengthen its financial position.
The meeting was attended by Dalia Mostafa, Acting Deputy Chairperson of the NIB; Waleed Abbas, Deputy Minister of Housing; Mohamed El-Etreby, CEO of the National Bank of Egypt (NBE); Mostafa El-Haiwan, Board Member of Misr Real Estate Asset Management Company; Mohamed Metwally, CEO of NI Capital; Sherif Samy, former Chairperson of the Financial Regulatory Authority (FRA); and several senior ministry officials.
During the meeting, Rostom said the primary objective was to discuss the optimal utilisation of assets transferred to the bank following settlements signed over recent months. He noted that the bank had successfully concluded historic settlements, some dating back to the 1980s, through coordinated efforts with various entities and under the leadership of Prime Minister Mostafa Madbouly.
This reflects the importance of resolving outstanding issues in ways that benefit both the bank and the relevant entities, he said, adding that the settlements would help correct the bank’s financial position and enable it to resume its investment and development role.
Rostom also said the government was seeking to boost returns from these assets through partnerships with the private sector and relevant entities. This would help strengthen the bank’s financial position and provide the liquidity needed to support economic development and implement the state’s investment plan, he noted.
He confirmed that various proposals and mechanisms were being examined to ensure the optimal utilisation of the assets.
The minister added that the move was an integral part of the bank’s restructuring plan, which has contributed to strengthening its financial position and overcoming financial and administrative obstacles.
Additionally, the NIB signed several framework agreements to settle financial entanglements estimated at approximately EGP 400bn with several entities, including the New Urban Communities Authority (NUCA), the National Media Authority, the General Authority for Industrial and Mining Projects, the General Authority for Reconstruction Projects and Agricultural Development, the Egyptian Agricultural Authority, drinking water and wastewater companies, and New Valley Governorate.
These settlements resulted in the transfer of ownership of a number of assets to the bank.