Egypt state companies to settle EGP 80-100 bn in debt owed to NIB

President Abdel Fattah El Sisi and the Madbouly Cabinet approved a plan for state-owned companies to settle EGP 80-100 bn in debts owed to the state’s National Investment Bank (NIB), Al Mal reported on Thursday. The debt will be swapped for assets belonging to those companies, Planning Minister Hala El Said reportedly said. A second phase of the debt settlement program is also being prepared. The government had made settling public company debts a priority ahead of the now-delayed state privatization program, with the Ismail Cabinet having pushed through a timetable for repayment.