Ministers of <<Planning, Economic Development, and International Cooperation>> and <<Finance>> Review Efforts to Resolve Financial Entanglements Between the National Investment Bank and the National Post Authority

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Mr. Ahmed Kouchouk, Minister of Finance, at the Ministry's headquarters in the New Administrative Capital.

 

The ministers discussed the progress of measures to resolve financial entanglements between the National Investment Bank (NIB) and the National Post Authority “Egypt Post”. This is part of the government’s efforts to address financial entanglements between various government entities and to enhance the role of the NIB  as a key economic and investment arm of the state, vital for supporting development efforts.

 

The meeting was attended by, Mr. Ashraf Negm, Vice Chairman and Managing Director of the NIB; Dr. Dalia Mostafa, NIB’s Assistant Managing Director for Investment and Resources; from the Ministry of Finance, Dr. Ahmed Samir, Head of the Infrastructure Budgets and Economic Affairs Sector; Mr. Magdy Mahfouz, Head of the Financing Sector; and Mr. Abu Bakr Abdel Hamid, Advisor to the Minister of Finance for Finance. And from the National Post Authority, Mr. Abdo Elwan, Acting Chairman of Egypt Post; Mr. Khaled Emam, Vice Chairman for Financial Inclusion; Mr. Mohamed Abu Ayad, Assistant Chairman for Investment and Treasury; and Mr. Mohamed Aboud, Legal Advisor to the Authority, also participated.

 

The ministers reaffirmed their commitment to intensify consultations among the various relevant entities and to expedite measures aimed at resolving the financial entanglements between the National Post Authority and the NIB. This effort is expected to have significant benefits for the national economy, in line with the directives of  Prime Minister, H.E. Dr. Mostafa Madbouly.

 

They highlighted the importance of the steps being taken to resolve financial entanglements between government entities, which provide reassurance to the business community, enhance the financial efficiency of these entities, and positively impact various sectors of the national economy.

 

It is worth noting that the government has made considerable efforts to address the entanglements between the NIB and other national entities, which has led to the settlement of social insurance debts and the signing of a protocol regarding the mechanism for resolving financial entanglements between the NIB and the National Bank of Egypt.