Reviving Egyptian public sector
© Daily News Egypt
The Ministry of Public Business Sector of Egypt announced the establishment of a fund to settle the debts of public sector companies to the banks.
The fund aims at bringing back to business more than 3,000 idle state assets and will be headed by the Ministry, members of the state council, the investment bank and the chairmen of the companies undergoing restructuring.
The Public sector companies reportedly generated about EGP 11 billion in the last fiscal year and EGP 7.5 billion in losses. That's from 48 losing companies and 73 profit making ones.
The ministry is also seeking foreign partnerships with international investors to help run and revive these establishments in exchange for a share of the profits for 20 years.
The fund aims at bringing back to business more than 3,000 idle state assets and will be headed by the Ministry, members of the state council, the investment bank and the chairmen of the companies undergoing restructuring.
The Public sector companies reportedly generated about EGP 11 billion in the last fiscal year and EGP 7.5 billion in losses. That's from 48 losing companies and 73 profit making ones.
The ministry is also seeking foreign partnerships with international investors to help run and revive these establishments in exchange for a share of the profits for 20 years.