Egypt settles $51.4 billion in media debt to state bank

Egypt's Ministry of Planning and Economic Development has unveiled the complete financial picture of a landmark deal to resolve the National Media Authority's long-standing debts to the National Investment Bank. Some of these debts originated in the 1980s.

This move aims to dismantle financial entanglements between state entities, reduce the domestic public debt, and empower state bodies to strengthen their financial standing and fulfill their mandates. The ministry emphasized transparency in disclosing these facts to the public.

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The decisive intervention and directives of the political leadership to resolve this file and other historical debt files for other bodies and authorities resulted in the cancellation and elimination of accumulated interest and late fees on the National Media Authority totaling 51.4 billion pounds.

The intervention, driven by political leadership, resulted in the waiver of 51.4 billion Egyptian pounds in accumulated interest and late fees for the National Media Authority. The final settlement amount stands at 88.3 billion pounds, with no further late fees to be applied until the settlement is finalized after July 1, 2026.

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The state will intervene by providing lands from its properties to the National Investment Bank to pay the remaining balance of the debt in full, which contributes to maximizing the bank's assets and enabling it to re-exploit them in national projects that provide more job opportunities.

As part of the payment mechanism, 44 underutilized assets belonging to the authority, including land and buildings, will be transferred to the National Investment Bank, valued at 18.06 billion pounds. The state will also provide land from its own holdings to the bank to cover the remaining debt. This will enable the bank to utilize these assets for national projects and job creation.

The ministry stressed that the asset inventory and settlement process carefully avoided impacting any revenue-generating assets of the National Media Authority, ensuring its financial stability and operational continuity. A significant outcome of this agreement is the release of the authority's shares in NileSat and Media Production City, which were previously pledged as collateral to the bank. This will allow the authority to fully leverage its investments and improve its financial position.

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The release of these shares upon completion of the transfer of the agreed-upon assets will enable the authority to fully benefit from its investments and strengthen its financial position.