Gov’t keen on implementing State Ownership Policy Document: PM

The government is keen on implementing the State Ownership Policy Document, which paves the way to holding comprehensive reform of state-owned institutions, thus making more room for private sector investments, affirmed Prime Minister Moustafa Madbouly.

Madbouly’s remarks came during a meeting he held Monday with officials from the World Bank (WB) to discuss ways to support good governance of state-owned companies.

The meeting was attended by International Cooperation Minister Rania al-Mashat, Regional Director of the World Bank for Egypt Stephane Gimbert and Senior Investment Policy Officer in the World Bank Group’s Foreign Investment Advisory Service (FIAS) Peter Ladegaard.

During the meeting, Mashat, who doubles as Governor of Egypt at the World Bank, stressed the importance of cooperation with the WB in order to enhance the role of the private sector in the investment sphere.

The minister said that one aspect of such cooperation has to do with implementing the State Ownership Policy Document through good governance and regulating the workflow of government firms with the aim of improving their financial conditions and enhancing their competitiveness.

For his part, Gimbert said that the WB provides Egypt with necessary financial and technical support in order to implement the State Ownership Policy Document.

Meanwhile, Ladegaard reviewed several proposals and ideas, which contribute to supporting the governance of state-owned enterprises.

At the end of the meeting, the premier said that the government looks forward to fostering cooperation with the WB within the framework of managing state-owned companies.

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