Egypt’s New Valley settles 222.7 million-pound debt with public bank
By the AFREEQUE newsroom, based on Youm7
The Egyptian governorate of New Valley has reached an agreement to settle a debt of 222.7 million Egyptian pounds owed to the National Investment Bank. Planning and Economic Development Minister Ahmed Rostom attended the signing of the agreement, according to the daily Al-Youm Al-Sabea.
The governorate of New Valley, in south-western Egypt, has reached an agreement to settle a debt of 222.7 million Egyptian pounds owed to the National Investment Bank, a public financing institution, according to Egypt’s Ministry of Planning and Economic Development.
The agreement was signed by Hanan Magdy, governor of New Valley, and Dalia Mostafa, the bank’s acting vice-president and managing director. The ministry says settling historical debts should strengthen the institution’s financial position and free up resources for it to resume its role in supporting economic development.
