The Egyptian Planning Minister in Al-Arabiya: There is no liquidation of the Investment Bank, but restructuring

Egypt’s Minister of Economic Planning and Development, Dr. Hala Al-Saeed, has denied the existence of a plan to liquidate the National Investment Bank, but work is underway to restructure it.

Al-Saeed stated in an interview with the Al-Arabiya channel, whichForm a committee of local and international institutions to restructure the bank and plan its debts“.

He explained that the bank’s restructuring plan was announced for 3 years, in order to develop its role, which was important in financing large projects, in in line with the requirements of the current stage.

The Planning Minister has indicated that the Egyptian Sovereign Fund is negotiating to enter in water desalination projects.

The fund gained Central Bank approval to inject sovereign investments into the Arab Investment Bank.

He indicated the injection of investments from the sovereign wealth fund in Egypt and the financial group “Hermes” worth 4 billion pounds in the Arab Investment Bank, and our goal is to develop the bank’s performance and enter the field of small and medium-sized projects.

He expected upcoming meetings to select the winning coalitions to develop the Tahrir Complex and the Ministry of Interior building, explaining that the ministerial committee will hold a meeting next week to consider candidates for the Tahrir Complex development.

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