The National Investment Bank (NIB) has denied reports recently published by an online news outlet claiming that it intends to divest its stakes in Bank NXT and the Export Development Bank of Egypt (EBank), stressing that the reports are entirely false and have no basis in fact.
Ashraf Negm, Managing Director and Vice Chairperson of the National Investment Bank, said that the bank is implementing a clear strategic vision under the supervision of its Board of Directors and in full coordination with the Ministry of Planning and Economic Development. The objective, he said, is to maximise the value of the bank’s assets and resolve outstanding financial entanglements with various government entities.
He explained that the government remains committed to its comprehensive restructuring plans for the bank, a process being implemented in coordination with the relevant authorities and which has recently achieved tangible results. Most notably, two framework agreements were signed, in the presence of Prime Minister Mostafa Madbouly, to resolve historic financial entanglements dating back to the 1980s, with a total value of EGP 196bn.
These measures included the settlement of financial entanglements between the National Investment Bank and water companies worth EGP 62.2bn, in addition to resolving debts owed by the Agricultural Reconstruction Authority amounting to EGP 133.5bn.
Negm noted that the restructuring plan primarily aims to strengthen the National Investment Bank’s role as one of the Egyptian state’s key development and investment arms, ensuring the optimal utilisation of its assets in support of comprehensive development and in line with the objectives of Egypt Vision 2030.
For its part, the Ministry of Planning and Economic Development affirmed that it is handling the restructuring of the National Investment Bank with the highest degree of transparency and clarity, adding that any official developments relating to the bank’s restructuring plan will be announced in due course.
