Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, and Minister of Finance, Ahmed Kouchouk, met at the Ministry of Finance headquarters in the New Administrative Capital to discuss the progress of measures aimed at resolving financial entanglements between the National Investment Bank (NIB) and the National Post Authority, known as “Egypt Post.”
The meeting was part of the government’s ongoing efforts to address financial entanglements between various government entities and enhance the NIB’s role as a key economic and investment arm of the state, vital for supporting development efforts.
Representatives from both entities attended the meeting, including Ashraf Negm, Vice Chairperson and Managing Director of the NIB; Dalia Mostafa, NIB’s Assistant Managing Director for Investment and Resources; Ahmed Samir, Head of the Infrastructure Budgets and Economic Affairs Sector from the Ministry of Finance; Magdy Mahfouz, Head of the Financing Sector from the Ministry of Finance; Abu Bakr Abdel Hamid, Advisor to the Minister of Finance for Finance; Abdo Elwan, Acting Chairperson of Egypt Post; Khaled Emam, Vice Chairperson for Financial Inclusion from Egypt Post; Mohamed Abu Ayad, Assistant Chairperson for Investment and Treasury from Egypt Post; and Mohamed Aboud, Legal Advisor to Egypt Post.
The ministers reaffirmed their commitment to intensifying consultations among the relevant entities and expediting measures to resolve the financial entanglements between Egypt Post and the NIB. In line with Prime Minister Mostafa Madbouly’s directives, the effort is expected to significantly benefit the national economy.
They emphasized the importance of resolving financial entanglements between government entities, as this provides reassurance to the business community, enhances their financial efficiency, and positively impacts various sectors of the national economy.
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.
