A number of
international financial institutions have expressed their willingness to
support Egypt’s plans to upgrade its state-owned companies, the Ministry of
International Cooperation said in a statement.
Labadi made his comments during a video conference held on Monday with Egypt’s Minister of International Cooperation Rania El-Mashat, Minister of Public Enterprise Hisham Tawfik and representatives of international financial institutions, labadi stressed that the reform process in such a sector constitutes a crucial action regarding the second wave of Egypt’s economic reforms.
He added that the plan that the public enterprise ministry has set that purpose as decisive to develop the state-owned companies, meanwhile, El-Mashat said the meeting came to boost relations between Egypt, its global development partners, and international financial institutions to exchange the best practices and experiences that help state-owned companies' restructuring programs and they implement the expansionary plan of the Egyptian Aluminium Company (EGAL).
Vice President of the European Bank for Reconstruction and Development (EBRD) Khaled Hamza said the bank is eager to participate in such efforts and in expanding the private sector partnership in the manufacturing process in the domestic market.
Through financing the restructuring of the public enterprise companies, the fund targets settling the debts which these entities owe to the banking sector, as well as providing them with all the necessary support they need to carry out administrative and technical reforms.
Source: Al Ahram Online
