By: Mahmoud Salah Eldein
Cairo-Mubasher: State-owned companies, under the new structural reform plan, will be able to finance investments of its peers, according to Ashraf el-Sharqawi, Egypt’s Minister of Public Business Sector.
El-Sharqawi noted that the companies, which have budget surplus, will be allowed to invest in other firms since they are registered under the umbrella of the business sector, the Minister added.
The reform plan includes looking at sources of funding, structuring portfolio investments, as well as developing disclosure and corporate governance systems.
Subsidiaries in the public sector suffered losses of EGP 323 million in the fiscal year 2014/15, while their assets reached EGP 131 billion, el-Sharqawi noted.
Profitable state-owned companies generated EGP 403 billion in FY14/15, he added.
Translated by: Julian Nabil
