Egypt privatization revenues hit LE 5.6 billion

Egypt's Minister of Investment Mahmoud Mohi Eddein said that revenues of sales of companies that have been privatized so far hit LE 5.6 billion pounds during the fiscal year 2004/2005.

At a press conference held on Tuesday the Minister said that Prime Minster Ahmed Nazif has decided to allocate about 75% of the total revenues of the sold companies for the restructuring of the failing companies.

The volume of direct investment in non-petroleum sectors by the end of the FY 2004-2005 increased to one billion dollars.

The minister pointed out that Cairo and Alexandria Stock Exchanges daily dealing witnessed a leap of trade in bonds, shares and market capitalization.

The ministry is also working to enhance the activities of public insurance companies.