US report, biggest privatization in Egypt
Egypt, Economics, 7/28/2001

Recently, a US report praised the successful measures taken by the Egyptian government in implementation of its USAID-funded privatization program.

The report highlighted that the first quarter of 2001 has witnessed remarkable progress in rating companies that will be offered for sale. This is in addition to completing the sale of a number of public sector companies and some other's assets, especially communication and electricity companies.

The report also described privatizing Assuit Cement Co. as the biggest and fastest in the Egyptian privatization program and an ideal example of what a serious investor can achieve. Moreover, four state-owned insurance companies and five joint banks have been rated by Stanley Morgan and Fliming rating agencies.

Furthermore, Ministry of Communication is considering offering the shares of Telecom-Egypt for public subscription or sell to a principle investor.

The report also quoted PM Atif Ebeid's decision regarding the establishment of the first three-year board of directors for managing electricity utility and customer protection, to chaired by the minister of electricity. The board is now organizing and following up all activities related to electricity sector, such as generation, transmission, distribution an consumption in a way and a price that meet the needs of all customers.

Previous Stories:
  US House of Representatives vote to keep annual aid to Egypt intact   (7/26/2001)
  Political, security stability bases of investment   (7/26/2001)
  WB Deputy Chairman discuss boosting Egyptian private sector   (7/25/2001)

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