Privatization of joint public-private Egyptian firms to be accelerated
Egyptian authorities recently decided to speed the privatization process of companies owned jointly by both the state and private individuals, according to MENA daily.
The decision was made at a meeting last week led by Prime Minister Atef Obeid which was attended by representatives from the Ministry of Economy and the Public Business Sector.
Also attending the meeting were members of organizations which held shares in the companies in question, including the Ministry of Oil and Industry.
Approximately 30 businesses, valued at some 200 million Egyptian pounds ($50.6 million) will be affected by the decision. These include banks, tourist facilities, insurance firms and industrial projects.
A total of nearly 412 such joint companies exist throughout the country, with an estimated value of approximately EP 2 billion. –(MENA Report)
© 2001 Mena Report (www.menareport.com)