Egypt making progress in privatization program

Egyptian Minister of Public Enterprise Atef Ebeid said yesterday that Egypt's privatization program has resulted in sales of about 40 percent of Egypt's public-sector companies. He said that 123 out of 314 companies have already been privatized.

He said companies under tender for a main investor include Abu Zaabal fertilizer, Assiut for cement, Omar Effendi, Benzion, Sednawi, Misr for Modern Clothing, Helnan Hotel in Dahab and Metropolitan Hotel in Cairo, Alexandria Cement Company, Cinema Production Companies, El-Nasr Truck and Bus Company and Telephone Equipment Company.

Ebeid said 32 companies were privatized last year at a value of 2.2 billion Egyptian pounds.