Samar El-Sayed _ Dr. Ahmed Rostom, Minister of Planning and Economic Development and Chairman of the Board of Directors of the National Investment Bank, chaired a meeting of the bank's Assets Committee to review the assets devolved to the bank and discuss proposed partnership mechanisms to maximize their utilization, thereby contributing to strengthening the bank's financial position.
The meeting was attended by Dalia Mostafa, Acting Vice Chairman of the Board of Directors of the National Investment Bank; Engineer Waleed Abbas, Deputy Minister of Housing; Mohamed El-Etreby, Chief Executive Officer of the National Bank of Egypt; Mostafa El-Haiwan, Board Member of Misr Real Estate Asset Management Company; Mohamed Metwally, Chief Executive Officer of "NI Capital"; and Sherif Samy, Former Chairman of the Financial Regulatory Authority, in addition to a number of ministry officials.
During the meeting, Dr. Ahmed Rostom indicated that the primary objective is to discuss the optimal utilization of the assets whose ownership was transferred to the bank as a result of the settlements signed over the past months. He pointed out that the bank, thanks to coordinated and concerted efforts with various entities and under the leadership of Dr. Mostafa Madbouly, Prime Minister, has succeeded in completing historic settlements, some of which date back to the 1980s. This reflects the importance of this step in resolving long-standing dossiers to the mutual benefit of both the bank and the respective entities, as well as correcting the bank's financial status to enable it to resume its developmental and investment role.
The Minister explained that the State is keen to maximize the returns on these assets through partnership with the private sector and relevant entities, which will positively reflect on enhancing the bank's financial position and providing the necessary liquidity to support economic development and implement the State's investment plan. He confirmed that various proposals and mechanisms are currently being studied to achieve the optimal utilization of these assets.
He added that this step is an integral part of the ongoing restructuring plan of the National Investment Bank, which has proven successful in supporting the bank's financial standing, overcoming financial and administrative obstacles, enhancing its capacity to effectively contribute to development efforts, and ensuring the sustainability of its financial structure.
It is worth noting that the National Investment Bank had signed framework agreements to settle financial entanglements estimated at approximately EGP 400 billion with several entities, including: the New Urban Communities Authority, the National Media Authority, the General Authority for Executing Industrial and Mining Projects, the Agricultural Development Authority, the Egyptian Agricultural Authority, potable water and sanitary drainage companies, and the New Valley Governorate; which resulted in the transfer of ownership of a number of assets to the bank.
