Egyptian authorities recently announced that 25 businesses were privatized last year resulting in profits of approximately 2.5 billion Egyptian pounds ($633 million).
Officials in Egypt maintained that 13 additional businesses will be privatized during the current year, reports Al-Ahram daily. Firms that are presently unprofitable are most likely to be privatized.
Sources added that the sale of unprofitable companies to the private sector is crucial, since it helps in reducing the debt of Egyptian banks. –(MENA Report)
© 2001 Mena Report (www.menareport.com)
