Egypt, Italy good relations, economic cooperation
Egypt's Prime Minister Atef Ebeid said the visit of President Mubarak to Italy in the second half of this month aims at fostering joint cooperation mainly in the fields of trade and investment, adding that Egypt and Italy would sign an economic agreement under which Egypt's outstanding debts to Italy to the value of LE 560 million would be transferred into non refundable grant for financing development projects in Egypt.
He said the government welcomed the establishment of good relations with any country and non-conditional and soft-term loans, adding emphasis will be laid in the upcoming stage on importing products which are not produced locally.
Ebeid further said the visit to Egypt by Spanish Prime Minister Jose Maria Aznar on Monday comes in the framework of developing Egyptian-European relations, adding Egypt seeks to establish good relations with all countries of the world.
He said he would discuss with Aznar the contribution of Spain in financing a number of development projects in Egypt, expanding trade exchange, maximizing the role of private sector in establishing joint projects and benefitting from Spanish know-how in modernizing Egyptian industry in the light of the agreement signed between Egypt and European Union (EU).
Answering a question on the assumption of power in Israel by Prime Minister- elect Ariel Sharon, Ebeid said Egypt will go ahead on the road of progress, development and is determined to sustain support for Palestinian people. He expounded that peace is Egypt's strategic option.
The Prime Minister said the government will submit to the People's Assembly a bill amending provisions of banks, credit and the Central Bank law, adding he would meet within days with the Union of Banks for reviewing amendments which are aimed at supporting the role of the Central Bank and developing banking performance.
He said he would discuss with the union of banks executive measures for merging small banks into bigger entities to be capable of confronting market fluctuations, risks, and providing credit for customers, investors and protecting funds of depositors.
He said his meeting with representatives of trade unions federation aims at exploring their demands, due to the government keenness to listen to their demands as the government is keen to maintain good relations with all elements taking part in development process mainly workers.
Meantime, Moukhtar Khattab, Minister of Public Business Sector, said assets of the capital investment companies would be sold for settling depositors entitlements.
He said merging or minimizing holding companies is being considered at present.
He said 25 holding companies would be sold this year to the value of LE 2 billion out of 49 companies which will be put for sale. By selling these companies, he said, all public business sector companies will have been offered for sale with exception of 40 loss-making companies, which will be provided for sale next year.
He said discussions were currently underway on providing tax incentives to investors who purchase loss-making companies.
He added privatization programme is carried out according to well-studied steps which would be offered to the bodies concerned and employee federations.