PM presses for quickly implementing plan to develop public business firms

CAIRO - 2 September 2018: Prime Minister Moustafa Madbouli has stressed the need to quickly implement a plan to upgrade corporations affiliated with the public business sector.

The plan aims to better run those corporations in a way that would bring in higher revenues and serve the national economy.

In a meeting with Madbouli earlier Sunday, Minister of the Public Business Sector Hisham Tawfik reviewed a report on the plan.

He made it clear that eight holding companies are affiliated with the public business sector.

Tawfiq said his Ministry already contacted those companies and demanded that they outline their own in-house development strategies and pinpoint opportunities and challenges.

He touched upon a sub-plan to handle insolvent companies, noting that it will address problems facing 26 of 48 firms, whose losses amounted to some 6.7 billion pounds in 2017.