Madbouly reviews settlement of financial obligations between NUCA, NBE

Prime Minister Mostafa Madbouly chaired a meeting on Sunday to review measures aimed at settling outstanding financial obligations between the New Urban Communities Authority (NUCA) and the National Bank of Egypt (NBE). The meeting was attended by Minister of Housing, Utilities and Urban Communities Sherif El Sherbiny; Deputy Minister of Housing for Urban Communities Walid Abbas; Deputy Governor of the Central Bank of Egypt Tarek El Khouly; Vice Chairperson of the New Urban Communities Authority for Financial, Administrative and Human Resources Affairs Ahmed Abou Saada; Chief Executive Officer of the National Bank of Egypt Mohamed El Etreby; and a number of relevant officials. Madbouly stressed the importance of accelerating the settlement of outstanding financial obligations between state entities to support the work of ministries and government agencies, particularly the New Urban Communities Authority, in developing integrated urban communities and advancing the state’s strategy for sustainable urban expansion in new cities. Cabinet spokesperson Mohamed El Homosany said the meeting reviewed the measures being undertaken by the New Urban Communities Authority, in cooperation with the Ministries of Finance and Planning and Economic Development, to settle its outstanding financial obligations with a number of government entities and strengthen the Authority’s financial position. He added that participants also reviewed NUCA’s financial position, including its obligations to the National Bank of Egypt and the mechanisms currently being implemented to settle them as part of the broader process of resolving financial obligations between the Authority and various government entities. El Homosany said the meeting also examined the Authority’s receivables from government bodies alongside its outstanding liabilities, with participants stressing the importance of supporting NUCA’s efforts to accelerate the implementation of development projects across the urban sector.The post Madbouly reviews settlement of financial obligations between NUCA, NBE first appeared on Dailynewsegypt.