Minister of Planning and Economic Development and Chairman of the Board of the National Investment Bank (NIB) Ahmed Rostom said the bank is implementing a comprehensive strategy to restructure its subsidiary companies with the aim of maximizing their contribution to the national economy.
His remarks came on Thursday, July 30, 2026, as the NIB announced the successful implementation of an integrated recovery plan for Samanoud Weaving and Terry Co., in which the bank holds a 52% stake. The company is recovering after years of financial difficulties as part of the Ministry of Planning and Economic Development's broader strategy to restructure the NIB, maximize returns from its assets and affiliated entities, and preserve national companies operating in strategic sectors, particularly industry.
Rostom said the rescue plan included financial and administrative support, alongside the restructuring of the company's operations while fully safeguarding employees' rights. These measures contributed to improving the company's financial and production performance and restoring its role in Egypt's industrial development.
He added that the bank's restructuring strategy enjoys the support of Prime Minister Mostafa Madbouly, which has helped conclude historic settlements between the NIB and various state entities. He stressed that the recovery plan placed human capital at the center of its priorities, recognizing employees as the cornerstone of productivity and competitiveness.
For his part, NIB Vice Chairman and Managing Director Ashraf Negm said the restructuring of Samanoud is part of a broader strategy to optimize the use of all bank-owned assets in coordination with the Ministry of Planning and Economic Development. He added that the bank aims to strengthen its financial position and enhance its contribution to Egypt's economic and social development.
Under the recovery plan, the NIB injected more than EGP 74 million in new financing to provide the working capital needed to restart the company's operations after a prolonged shutdown. The bank also provided technical and administrative support to modernize production lines and diversify products, enabling the company to restore operations and meet a significant portion of its obligations through revenues generated from its business activities.
As part of efforts to improve the living standards of the company's 563 employees, the plan included wage increases described as the largest in recent years. Total monthly payroll rose from about EGP 900,000 in fiscal year 2019/2020 to around EGP 1.87 million in October 2024, an increase of more than 100%.
The plan also included the phased implementation of decisions issued by the National Wages Council, payment of regular and exceptional salary increases, and the resolution of long-standing issues, including the settlement of the voluntary retirement file for 185 female employees while safeguarding their full legal and financial rights.