Egyptian People's Assembly approves draft project for bank privatization

The Egyptian People's Assembly (parliament) agreed on Monday upon the draft project for bank privatization. The project included comprehensive guarantees assuring that foreign capital will not dominate the privatized banks.

Egyptian Prime Minister Kamal Ganzouri told the parliament that Egypt's decision is independent, no one in the whole world has the authority to impose a particular resolution upon Egypt (a reference to the International Monetary Fund) and nothing can guide Egypt's policy except the general public interest.

Meanwhile, Ganzouri denied that the government promised the International Monetary Fund, that it will sell the public sector banks, clarifying that the government's plan in this concern is only a letter of intent presented to the IMF, not a pledge.