The implementation of the document also aims at achieving financial savings that enable support for the general budget, the PM pointed out
Egyptian Prime Minister Mostafa Madbouly chaired the first committee meeting formed to implement the State Ownership Policy document on Thursday.
The meeting discussed the work so far, methods to encourage more participation in the economy from the private sector, as well as reviewed regulatory and legal frameworks towards this end.
Meeting attendees included ministers of planning, finance, electricity, housing, agriculture, local development, industry, as well as the heads of the Sovereign Fund of Egypt, GAFI and the military’s NSPO.
Madbouly emphasized the importance of the committee, and reaffirmed that the document does not indicate that the state will sell its assets or exit from all sectors, but seeks to identify the sectors from which the state plans to withdraw, decrease, or increase its presence over the coming three years.
The State Ownership Policy document aims to regulate the state’s presence in economic activities in a number of sectors and manufacturing industries, promoting the participation of the private sector to stimulate economic growth, increase exports, and provide employment opportunities and investments, the PM added.
Assistant Prime Minister Osama El Gohary, Head of the Information and Decision Support Center (IDSC) reviewed the committee's agenda which will include the steps for implementing the State Ownership Policy Document according to a specific timeframe.
El Gohary said a database will be soon be implemented to cover all state-owned companies along with the allowed capital, the number of employees, the financial status, the enrollment in the bourse as well as the geographical distribution.
Madbouly stated that the document aims to boost economic growth by increasing investments by 15-30%, which will support the state in achieving a 7-9% growth rate and create job opportunities.
The implementation of the document also aims at achieving financial savings that enable support for the general budget, achieving financial discipline, and ensuring financial sustainability, Madbouly said.
