Privatization program forges ahead

The government is committed to continuing its privatization program, started in 1991, to enhance the role of the private sector in the development process, Minister of Public Enterprise Mokhtar Khatab told a press conference.

The program is in a satisfactory state despite the economic difficulties which have affected the whole world since September 11, added Khatab.

Since January the Ministry has successfully sold companies at a total value of LE315 million, reflecting the world's recognition of and confidence in the Egyptian economy.

Privatization is the flagship of Egypt's modernization program and gives the private sector the chance to adopt new management systems, the minister said.

Khatab added that the recent meeting of donors to Egypt in Sharm el-Sheikh and their continuing cooperation was evidence of their confidence in Egypt's economic performance.