PM reviews measures to settle NIA debts owed to government bodies

CAIRO - 28 July 2019: Prime Minister Mostafa Madbouli chaired a meeting on Sunday to review measures for settling the debts of National Investment Bank (NIA) owed to a number of government bodies, through swapping them with assets.

During the meeting, attended by the ministers of electricity, planning, finance, housing and transport, as well as the NIA deputy chairman, the premier said he will issue a decision to form a committee to be responsible for counting the number of plots owned by the bank debtors.

In this regard, Planning Minister Hala el Saeed said Egyptian National Railway had settled debts of around EGP 15.7 billion, by putting some of its assets for sale, noting that her ministry is working to taking similar steps with other bodies.

This comes as part of the government's efforts to resolve all financial disputes, el Saeed added.

For his part, NIA Deputy Chairman Mahmoud Montasser reviewed the most important procedures taken by the bank regarding the liquidation of debts owed by its defaulters, through swapping them with state-owned assets or land or shares in public companies.