Arab Finance: Prime Minister Mostafa Madbouly witnessed the signing of two agreements to settle the historical debts between the National Investment Bank (NIB), the National Media Authority (Maspero), and the New Urban Communities Authority (NUCA), totaling EGP 98.1 billion.

These agreements were sealed under the directives of President Abdel Fattah El-Sisi to finalize settling debts and financial obligations between the NIB and national entities. This follows the direct and continuous follow-up by Madbouly and intensive meetings between the national entities.

The first agreement aimed at settling Maspero’s debts to the NIB, amounting to EGP 88.3 billion. The second agreement, valued at EGP 9.8 billion, settles outstanding debts and entanglements between NIB and NUCA.

Ahmed Rostom, Minister of Planning and Economic Development and Chairman of the NIB, said the signing of the two agreements brings the total value of settlements signed between March and June 2026 to approximately EGP 294.1 billion.

Rostom noted that the bank’s board recently approved the financial results for the fiscal year (FY) 2024/2025, reporting a historic transformation with a net profit of EGP 6 billion, compared to losses of EGP 31.7 billion in the FY 2023/2024.

The chairman affirmed that settling debts and ending financial entanglements enhances the bank’s capabilities and financial solvency, enabling it to play a more effective role in promoting development efforts.

In June, Egypt settled financial liabilities worth EGP 196 billion, involving the NIB and several state entities.