Egypt to overhaul state-owned economic entities for efficiency

Egypt’s Prime Minister Moustafa Madbouly announced the creation of a committee on Wednesday tasked with reforming and restructuring state-owned economic entities.

Speaking at a press conference, the prime minister explained that the move will involve retaining some entities, merging others, and liquidating one or two, as part of a wider economic reform effort.

“The committee, chaired by Dr. Hussein Eissa, a respected economist, will focus on retaining essential entities, merging others, and liquidating a few to create a more efficient structure,” Prime Minister Madbouly said at a press conference. “This process is crucial to align our economic entities with the State Ownership Policy Document, ensuring they operate in a transparent and sustainable manner.”

The committee will work to maintain about 28 of Egypt’s 59 economic entities, ensuring that they not only continue to function but also undergo significant reforms in terms of development and governance. “We are not just maintaining these entities but actively modernising and integrating them into the broader economic framework,” the prime minister explained.

The reform initiative is part of the government’s strategy to boost investor confidence and attract foreign investment, Prime Minister Madbouly noted. “By restructuring our economic entities, we aim to improve their efficiency and sustainability, which is critical to the success of our economic reform plan,” he added.

Prime Minister Madbouly emphasised that these changes will take place over the next few months, reflecting a comprehensive effort to transform Egypt’s economic landscape and support long-term growth.

Attribution: The Egyptian Cabinet