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Monday, 4 November 2019

Egypt taps Deloitte to appraise National Investment Bank assets ahead of restructuring

Deloitte to appraise NIB assets ahead of restructuring: The Madbouly government has contracted Deloitte to value the National Investment Bank’s (NIB) assets as a precursor to a wider restructuring, NIB deputy head Mahmoud Montasser tells Al Mal. The valuation process is set to be complete within three months’ time, according to Montasser. The IMF highlighted in its fifth and final review (pdf) of Egypt’s extended fund facility that the appraisal of NIB’s assets had yet to take place. The restructuring plan for the NIB — which has been in the works for more than two years now — includes swapping debt owed to it by government authorities for unused land. The NIB was just recently tapped to be a main contributor in Egypt's Sovereign Wealth Fund through the assets it holds.

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