The Egyptian Minister of Public Business Sector, Hisham Tawfiq, said that the ministry is currently working on restructuring the companies affiliated with the public business sector, which currently number about 118.
The minister added, during the Seventh CEO Conference 2021 – in Cairo, today, Sunday, that after the completion of the restructuring procedures, the number of these companies will decrease to 82.
The minister pointed out that re Structuring business sector companies The public sector ensures the sustainability of the reform measures, stressing that they sometimes outperform the private sector in competition.
In June 2020, Hisham Tawfiq confirmed that the amendment of some provisions of the Public Business Sector Companies Law, about 250 companies will benefit from it.
At the time, Tawfiq said that among these companies, 123 are currently affiliated with 119 companies affiliated with the Ministry of Public Enterprise Sector.
He added that there are 11 ministries that have 107 companies that will be regulated by the same Law No. 203.
The minister explained that the law, with its new amendments approved by the Egyptian parliament, “came to reform the path of public sector companies that began to be formed in the fifties and early sixties through nationalization or the establishment of large industrial companies.”
Last year, the Egyptian House of Representatives agreed to amend some provisions of the Public Business Sector Companies Law, which aims to implement governance rules, increase levels of disclosure and transparency, and match management methods with private companies.