Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, Chairs the National Investment Bank Board of Directors Meeting

 

 

"Al-Mashat": Ongoing Efforts to Develop the National Investment Bank to Maximize its Role in Economic and Developmental Investment, Enhance Economic Development Efforts, and Improve the Efficiency of Public Spending

 

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Chairperson of the National Investment Bank, chaired the Board of Directors meeting. The meeting covered key topics such as the bank's financial statements, the estimated budget for the current fiscal year, and the current status of the bank's investments.

 

H.E. Dr. Al-Mashat emphasized the vital role of the National Investment Bank as one of the key arms of the state in supporting economic and social development through government investments. H.E. noted the bank’s recent progress in internal development and in settling financial entanglements with various entities within the country.

 

The Minister also highlighted the state’s ongoing efforts to advance the development and restructuring plan for the National Investment Bank to strengthen its role as a key economic and investment entity supporting the country's development efforts.

 

H.E. Dr. Al-Mashat stated that, during the past period, the National Investment Bank had successfully resolved a significant portion of its financial obligations with various institutions and has established a comprehensive framework for settling its debt with the National Bank of Egypt related to investment certificates. H.E. highlighted the bank’s ambitious future plan that aims to enter new activities with a positive impact, strengthening its future role as one of the important economic institutions of the state.

 

H.E. Minister Al-Mashat emphasized that the government continues its efforts to develop the National Investment Bank to optimize its developmental and investment functions, thereby bolstering economic development efforts and improving the efficiency of public spending.

 

The Board of Directors reviewed and approved the bank's financial statements, with the attendance of auditors from the Central Auditing Organization, the Financial Control Unit for Banks, and the Performance Evaluation Unit, as well as the bank's internal auditors. The estimated budget for the fiscal year 2024/2025 was also approved.

 

The meeting further addressed other topics related to the bank's investments in subsidiary companies, the management of assets owned by the bank to maximize its resources, and the settlement of debts and financial entanglements with other entities.

 

The Vice Chairman and Managing Director of NIB expressed gratitude to H.E. Dr. Rania Al-Mashat for her continuous support of the bank. Mr. Ashraf Negm commended the effective coordination and integration between the bank and the Ministry of Planning, Economic Development, and International Cooperation, which has facilitated the swift provision of verified data to decision-makers involved in financing and monitoring the implementation of the state's economic and social development plan.