Cairo – Mubasher: Egypt’s public sector affairs minister Khaled Badawi on Saturday discussed the settlement of Cotton & Textile Industries Holding Company’s EGP 10 billion debt with deputy chairman of National Investment Bank (NIB) Mahmoud Montasser.
The meeting discussed the efforts seeking to settle the debt owed to NIB, which reached EGP 10 billion due to the accumulation of interests, according to an official statement.
All parties must reach to a consensual agreement, which serves the interest of both NIB and Cotton & Textile Industries Holding, Badawi commented.
Cotton & Textile Industries Holding can assign some of its real estate assets to the bank and ink a protocol to determine the method and the required procedures for the settlement of the debt within a clear schedule, Badawi noted.
Leaving that dispute unresolved for over 10 years will lead to a deteriorated situation in which both parties would lose, the top official concluded.
