Minister: Privatized firms’ debts to be settled next month

Investment Minister Mahmoud Mohi Eddin told parliament on Sunday that all debts owed by privatized companies would be paid back to banks as of 1 July. Privatized firms are said to have accrued a total of some LE34 billion worth of debts since 2004.

“This will serve to reduce the losses of privatized companies by 50 percent,” the minister explained.

Responding to a question on where the ministry would obtain the necessary funding, Mohhi Eddin said outstanding debts would be paid by Egypt’s central bank. He declined, however, to answer a question about losses incurred by the Omara Effendi Company since its privatization, which reportedly stand at LE532 million.

MP Zakaria Azmy warned that workers of privatized company Amonsito may stage a new round of demonstrations since their problems had not yet been resolved.

Translated from the Arabic Edition.

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