The Egyptian Assistant Minister of Public Business Sector, Sabri Ajlan, recently stated that the public business sector has benefited a great deal from the country’s privatization scheme.
Following the implementation of the program, revenues of the public business sector grew from 42 million Egyptian pounds ($10.8 million) in 1994, to EP 3.5 billion presently, reported Al-Sharq Al-Awsat daily.
Thirty percent of the companies that were privatized have reported increased profits. The remainder earned either marginal profits or incurred losses. Revenues from the program, through which 180 firms were sold to the private sector totaled EP 15.8 billion. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
