Planning and Economic Development Minister Ahmed Rostom met National Media Authority (NMA) Chairperson Ahmed El-Mesallamy to discuss joint efforts to resolve financial entanglements and settle longstanding debts owed by the authority to the National Investment Bank (NIB). The meeting was attended by Kamal Nasr, assistant minister for technical office affairs and supervisor of the minister’s office sector; Dalia Mostafa, acting managing director of NIB; and a number of officials from the bank and the NMA. Rostom said the meeting came in light of directives from the political leadership to accelerate the resolution of financial entanglements between NIB and the National Media Authority, as well as close follow-up by Prime Minister Mostafa Madbouly to expedite all procedures related to the matter and support the authority’s comprehensive development plans. The minister said efforts to settle NIB’s longstanding debts have made unprecedented progress, noting that resolving these outstanding issues would directly strengthen the bank’s financial solvency. He added that the process forms part of a comprehensive restructuring plan aimed at maximising returns on NIB’s assets and enabling it to perform its strategic role as a key development financing arm supporting the state’s economic and social development plan. For his part, El-Mesallamy expressed his appreciation for the planning minister’s support for the settlement process and close cooperation with the authority. He said the rapid progress reflected a strong and serious government commitment to resolving accumulated problems, paving the way for efforts to develop the National Media Authority and strengthen its media and institutional role in the coming period. Efforts to resolve NIB’s financial entanglements have recently resulted in significant progress. In June, two framework agreements were signed to settle longstanding debts dating back to the 1980s worth more than EGP 196bn. The agreements covered subsidiaries of the Holding Company for Water and Wastewater, the General Authority for Reconstruction Projects and Agricultural Development, and the Egyptian General Authority for Agricultural Development.The post Government discusses settling National Media Authority debts to NIB first appeared on Dailynewsegypt.
