El Sadat submits an urgent statement on withdrawing overdraft funds from the National Investment Bank

Parliamentarian and President of the Reform and Development Party, Mohamed Anwar El Sadat, submitted an urgent statement to the House of Representative addressing the Prime Minister and the Ministers of Planning and Finance for information regarding the truth behind news that the government has withdrawn large overdraft sums of money from the National Investment Bank. The bank holds the funds for insurance and pensions to cover the deficit in addition to some other projects mentioned in the national budget. El Sadat also inquired about the interest rates for those funds.

El Sadat also questioned the impact of President Sisi's initiative in partnership with the Central Bank to fund small and medium enterprises through the banks with low interest rates to encourage the youth and young businesspersons. He added that, at the same time, the Social Fund and Nasser Bank exist for similar causes but with high interest rates, which reflects the inconsistency and lack of vision of the government.

El Sadat finally encouraged the government to transfer all matters related to supporting small and medium enterprises for revision by the House of Representatives in order to be better coordinated and to achieve maximum benefits to Egyptian citizens.

Mostafa Jibreel
Media Coordinator


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