* Updated with details
Egyptian Prime Minister Mostafa Madbouly said, on Wednesday, that the government is studying preparing a law to establish a unit affiliated with the Council of Ministers that collects data on companies included in the government offerings program in order to issue binding decisions regarding these companies.
The Egyptian government plans to sell stakes in more than 32 state-owned companies until March 2024, whether by offering them to strategic investors or by offering them on the stock exchange, as it seeks to bridge its funding gap amid an exacerbation of the dollar liquidity shortage.
The Prime Minister explained, in a press conference broadcast by local satellite channels, that this matter is caused by the fact that many state-owned entities are companies and assets owned by 10-12 entities in the country, so their introduction requires a series of routine procedures.
He pointed out that the decisions that this unit will take will relate to how to deal with the company, whether through liquidation, sale or other decisions.
He added that the aim of this unit is to expedite the implementation of the proposals program in view of the problems in the procedures.
(Prepared by: the editorial team, to contact [email protected])
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