Egypt settles 98.1 billion EGP in historical debts to National Investment Bank

The Egyptian government has signed framework agreements to settle historical debts owed to the National Investment Bank totaling 98.1 billion EGP. These settlements involve the National Media Authority and the New Urban Communities Authority, addressing financial entanglements that date back to the 1980s.

Under the agreement with the National Media Authority, the debt was settled at 88.3 billion EGP after the cancellation of 51.4 billion EGP in accumulated interest and late fees. To facilitate payment, the authority will transfer ownership of 44 unused assets, including lands and buildings, valued at 18.06 billion EGP, to the bank. The state will also provide additional lands to cover the remaining balance. This settlement also includes the release of the authority's shares in NileSat and Media Production City, which were previously pledged as collateral.

The second agreement settles 9.8 billion EGP in debts owed by the New Urban Communities Authority to the National Investment Bank. These measures aim to reduce domestic public debt, strengthen the financial positions of state entities, and allow the National Investment Bank to better support national development projects.