Global Arab Network | Egypt - Government not rushing towards privatization‎

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Egypt - Government not rushing towards privatization‎

Sunday, 23 May 2010 22:28

Egyptian government is not rushing towards privatization, said Minister of Investment Mahmoud Mohieddin.

In an interview with Al-Ahram daily, Mohieddin added that less than seven public business sector companies were sold out of a total of 175 companies.

Meanwhile, the government has restored to its ownership 33 companies that had been sold to their workers in 1997 as any of them made profits, he explained.

He noted that the government is selling old assets to get new ones as the government has announced its determination not to pump one pound in any public business company and that its priorities of expenditure are education, health, infrastructure and supporting poor segments of the society.

Meantime, he added, the government managed to pay back up to 33 billion EGP of debts. Only 6 billion EGP remained and will be paid back within the coming few weeks, he pointed out.

On the other hand, Egypt Trade and Industry Minister Rasheed Mohamed Rasheed said that the ministry has started to implement a comprehensive plan to enhance the Department of Chemistry and all its affiliates

In statements Saturday 22/5/2010, Rasheed said that the plan aims at setting up a number of new labs as well as developing the existing ones in cooperation with international experiences.

The plan will contribute to opening new markets in the country and protecting consumers against bad products, Rasheed said. (SIS)

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