Egypt to sell 170 enterprises

Regarding Egypt's government privatization program, Prime Minister Atef Ebeid said that proceeds from the selloff of 134 companies have reached LE16 billion, and another 170 enterprises are yet to be sold to the private sector.

In his report to the People's Assembly (parliament), Ebeid said: "The government has made a profit of LE10 billion, since the state had spent LE6 billion to establish them. Out of the LE16 billion, the banks received LE7 billion to settle debts incurred by those enterprises."

Ebeid also highlighted the government's plan to give priority to utilities for the nation's 103 industrial zones, of which 73 have all the necessary utilities.

The main aim is to increase job opportunities for young people, for which the state will make LE3.2 billion available in loans for this purpose, the Prime Minister said.

The government intends to submit a draft law on tax reform to the People's Assembly, he added.