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National Bank for Investment to Mov

National Bank for Investment to Move Under Minister of Planning
The National Bank for Investment (“NBI”) is a bank wholly owned by the State and established in 1980 (in accordance with Law No. 119 of 1980) in order to be the State’s investment banking arm and to invest public funds in long term utilization. Since its establishment, the NBI was under the immediate direction of the Minister of Finance, being the Minister in charge of the Treasury. However, at the end of May of this year, the Chairman of the Supreme Council for the Armed Forces – in his capacity as President of the Republic in accordance with the Constitutional Declaration dated March 30th, 2012 – issued Decree No. 285 of 2012 transferring the NBI from the supervision of the Minister of Finance to that of the Minister of Planning,[1] and stating that the Bank is to be subject to the provisions of the Banking Law No. 88 of 2003.   [1] SCAF Decree No. 285/2012 transferring the National Bank for Investment from the supervision of the Minister of Finance to that of the Minister of Planning, Official Gazette, Issue No. 21, 24 May 2012.
The National Bank for Investment (“NBI”) is a bank wholly owned by the State and established in 1980 (in accordance with Law No. 119 of 1980) in order to be the State’s investment banking arm and to invest public funds in long term utilization. Since its establishment, the NBI was under the immediate direction of the Minister of Finance, being the Minister in charge of the Treasury. However, at the end of May of this year, the Chairman of the Supreme Council for the Armed Forces – in his capacity as President of the Republic in accordance with the Constitutional Declaration dated March 30th, 2012 – issued Decree No. 285 of 2012 transferring the NBI from the supervision of the Minister of Finance to that of the Minister of Planning,[1] and stating that the Bank is to be subject to the provisions of the Banking Law No. 88 of 2003.   [1] SCAF Decree No. 285/2012 transferring the National Bank for Investment from the supervision of the Minister of Finance to that of the Minister of Planning, Official Gazette, Issue No. 21, 24 May 2012.