Planning Ministry considers offering National Investment Bank’s companies on EGX

Daily News Egypt |

Minister of Planning and Administrative Reform Hala Al-Saeed announced the formation of an investment commission at the National Investment Bank to study the possibility of offering a number of companies it owns on the Egyptian Exchange (EGX).

She said that the ministry has also formulated a plan to restructure state-run newspapers and the Egyptian Radio and Television Union over three years, and the Ministry of Public Sector Affairs will follow up the implementation of that plan.

Al-Saeed added that the ministry has not completed the calculation of total debts owed by state-run newspapers, noting that a comprehensive report about these dues will be submitted to the cabinet. 
Al-Saeed further added that the ministry’s plan includes the development of talent, the preservation of workers’ rights, boosting electronic journalism, and the development of marketing capabilities.

On the other hand, Al-Saeed predicted that Egypt’s growth rate will range from 5.3-5.5% by the end of , while total investments would increase by 20% during the next fiscal year (FY) 2018/2019.

The minister said that the growth rate for the second quarter (Q2) of the current FY 2017/2018 will be the same as Q1 at 5.2% or slightly higher. Regarding the payable and receivable accounts of state institutions, Al-Saeed said that her ministry has finished a plan to settle dues worth EGP 46bn, including EGP 16bn owed to the New Urban Communities Authority (NUCA) and EGP 30bn to the Egyptian Electricity Transmission Company (EETC).

These dues are set to be settled over five years for the NUCA, and over eight years for the EETC.

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