The government is on track in efforts to restructure and develop Egypt’s battered state-owned companies.

As the Ministry of the Public Business Sector (MPBS) continues to implement its plans to develop 26 public-sector companies in order to optimise their outputs and reduce their losses, the cabinet has decided to set up a fund to settle their debts to the banking system. 

There were 48 loss-making companies in the sector and 73 profit-making ones. In the 2015-16 fiscal year, the sector’s losses amounted to LE7.5 billion.

There are 119 state-owned companies under the ministry umbrella, and it is seeking to conclude partnership agreements with international investors to revive some of the state-owned companies operating in the automotive, steel, engineering and transportation sectors.

(ITALPRESS/MNA)

Source: medNews