Public business sector, int'l coop min. probe reforms of state-owned firms

CAIRO - 29 June 2020: Public Business Sector Minister Hisham Tawfek on Monday discussed with International Cooperation Minister Rania el Mashaat the prospects of financing the underway structural reforms of the public business sector firms by international finance institutions.

This came during a video-conference meeting which was held with a number of international financing institutions to review the structural reform plan of state-owned firms.

The meeting was attended by representatives of the Egypt Aluminum Company (Egyptalum), World Bank (WB) Country Director for Egypt, Yemen and Djibouti Marina Wes alongside representatives of the African Development Bank, International Finance Corporation, European Bank for Reconstruction and Development and the European Investment Bank.

Minister Tawfek reviewed the underway structural reforms of the public business sector firms and means of improving their governance.

He pointed out to a project to renovate the productions line cells of Egyptalum company with a capacity of 250,000 tons annually at a total cost of EGP 13 billion.

The meeting falls within the framework of boosting relations and cooperation between the government and its development partners of international finance institutions, said Mashaat.

Meanwhile, (WB) Country Director for Egypt, Yemen and Djibouti hailed efforts of Mashaaat and Tawfek to bring together the development partners to discuss the agenda of reforming state-owned firms.