Gov't role in luring investments increases

Egyptian Prime Minister Atef Ebeid stated in press statements yesterday that the role of the government will be maximized in future to attract more investment in certain fields.

He said that many industries, such as petrochemicals, gas, and oil refining, depend heavily on governmental support and that this is also true for investors in public utilities.

Ebeid noted that the government's role in promoting economic activity will continue until the private sector is robust enough to take over.

Ebeid also stressed the government's desire to get a move-on with the privatization program.

He added that the projects which have been privatized have also been modernised and their productivity has increased.

Ebeid said that the revenue from privatization has hit LE 13 billion, while the state capital in public sector companies stands at LE 605 billion.

Ebeid stressed that the state will make more money by continuing the privatization program.