Egypt’s National Investment Bank (NIB) is celebrating receiving the International Quality Certificate (ISO 9001-2015) for the quality of financial services provided for local investments, the country’s ministry of planning and economic development said in a statement on Thursday.
Dr. Rania Al-Mashat, Minister of Planning and Economic Development and International Cooperation and Chairperson of the Board of Directors of NIB witnessed the ocassion.
This comes within the framework of the Bank’s continuous efforts for development and restructuring to maximise its role in achieving development and enhancing the efficiency of public investments, the statement added.
The celebration was attended by Mr. Ashraf Negm, NIB’s Vice Chairman and Managing Director, members of the Board of Directors, and the executive leadership of the Bank.
Dr. Rania Al-Mashat congratulated the NIB’s Board of Directors on receiving the ISO certificate for the quality of financial services provided for national investments. She mentioned that this reflects the continuation of the development and restructuring efforts that began over the past years.
Minister Al-Mashat added that it also strengthens the Bank’s role in achieving the objectives of governance, increasing the efficiency and effectiveness of public investments, and monitoring them.
The Bank conducts desk and field monitoring of public investments and issues reports and recommendations regarding the allocation of resources and their direction towards priority productive sectors and projects with economic and social viability, to ensure the social and economic returns of the projects in accordance with the targets of the Ministry of Planning, Economic Development and International Cooperation.
Dr. Rania Al-Mashat reaffirmed stakeholders that the NIB has witnessed a real transformation in the recent period through internal and external development and the application of the latest technological systems to develop and advance performance effectiveness, ensuring it remains a major supporter for the implementation of the state’s economic and social development plan.
She added that the government is simultaneously working on settling financial overlaps between NIB and national entities, which contributes to boosting the Bank’s financial solvency, in addition to maximizing the return on its investments.
Mr. Ashraf Negm, Vice Chairman and Managing Director, emphasised that the NIB’s development is not limited to physical location development, but extends to improving performance and utilising a massive digital transformation system that is comparable to the digital transformation systems in the best similar institutions. This system, in turn, allows for the availability of a large amount of data regarding projects included in the State’s economic and social development plan.
NIB’s step of obtaining the International Quality Certificate (ISO 9001-2015) in the quality of financial services provided for national investments comes in the framework of keeping pace with the comprehensive structural reforms undertaken by the state and its various institutions.
The National Investment Bank was established in 1980 with the purpose of financing all projects included in the state’s general economic and social development plan, by contributing to the capital of these projects, extending loans, or other means, and monitoring their implementation.
The NIB is considered one of the Egyptian state’s important economic and investment arms for implementing its economic and social development plans.
WN/as/APA