Egypt earns 3.3 billion pounds

CAIRO — Egypt has earned 3.3 billion Egyptian pounds ($569 million) since July from its ongoing privatisation programme, Gamal Mubarak, head of the ruling National Democratic Party’s policy committee, said yesterday.

By (Reuters)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Mon 30 May 2005, 10:31 AM

Last updated: Thu 2 Apr 2015, 5:12 PM

Egypt relaunched its privatisation efforts as part of a package of economic reforms brought by a cabinet appointed in July to boost investment and lift economic growth. “The proceeds from the sale of ... public sector companies since July of last year have reached 3.3 billion pounds, approximately double the figure for the last four years combined,” Mubarak told a meeting of businessmen in Cairo.

Egypt plans to work on privatising its energy, transport and financial sectors this year, Prime Minister Ahmed Nazif said during a regional meeting of the World Economic Forum in Jordan last week.

Telecom Egypt, the state-owned fixed line company, could sell up to a 20 per cent stake to the public before the year is out, Minister of Technology Tarek Kamel has said.

More news from