Egypt's president calls a halt to privatisations

The country has neither undertaken nor planned any major privatisations since 2008, and courts have scrapped several sales that took place before then.

Egypt's president calls a halt to privatisations

World Bulletin/News Desk

Egypt will keep all state-owned firms in public hands, President Mohamed Mursi said in a speech on Tuesday, calling a halt to a flawed privatisation programme that failed to kick-start the country's economy.

"There will not be any more selling of the public sector again. That is over," Mursi said in a speech to metal industry workers in a Cairo suburb during celebrations ahead of Labour Day.

The country has neither undertaken nor planned any major privatisations since 2008, and courts have scrapped several sales that took place before then.

In May 2011, a court annulled a 2006 deal to sell Egypt's historic Omar Effendi department store chain to a Saudi investor after critics argued it was sold too cheaply. That ruling followed others scrapping transactions in which the state was found to have sold land at below market prices.

In June 2008, Egypt cancelled the auction of state-owned Banque du Caire, saying the bids it received from foreign banks did not meet the reserve price.

 

Last Mod: 30 Nisan 2013, 16:13
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