Joint ventures pursued despite prior calls for privatization
Recent reports reveal that approximately 60 joint ventures are currently being pursued by various Egyptian holding companies and affiliates previously marked for privatization.
Currently, approximately 400 firms have been chosen for privatization; these firms are valued at an estimated at two billion Egyptian pounds ($470 million).
Furthermore, nearly 32 businesses and financial institutions are reportedly being evaluated by an unnamed foreign firm, according to Al-Alam El-Youm daily.
Between 19 to 100 percent of these corporations are owned by about 16 public sector companies and banks.
The Egyptian government recently decided to accelerate the privatization of 30 businesses, valued at some 200 million Egyptian pounds ($50.6 million). These include banks, tourist facilities, insurance firms and industrial projects. –(Mena Report)
© 2001 Mena Report (www.menareport.com)