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HomeBusinessEgypt Removes $145mln Worth of Asset Encroachments in Public Business Sector

Egypt Removes $145mln Worth of Asset Encroachments in Public Business Sector

Egypt – The Ministry of Public Enterprises Sector has removed EGP 4.5bn worth encroachments of assets owned by affiliated companies.

Mahmoud Esmat, Minister of the Public Enterprises Sector, said that the committee responsible for inventorying, registering and recovering state assets continues to perform its work, according to a plan. That plan was approved in coordination with the various concerned agencies and is being implemented in stages according to the type and nature of the infringement.

Esmat pointed out that there is a continuous follow-up to the situation of the infringements, and an inventory of unexploited assets, as well as determining the procedures to be implemented in order to maximize the utilization of these assets and achieve the maximum possible economic and investment return.

Esmat explained that the ministry has an accurate inventory of all assets owned by subsidiaries. It is working to develop these assets, whether they are productive or real estate, and provide many investment opportunities for partnership with the private sector in light of the state ownership policy document.

He added that some untapped assets have been used to finance development projects, or pay off historical debts owed by companies to government agencies. He also noted that there is coordination and cooperation between all concerned authorities to follow up on removing all infringements in all governorates, enforce the law, and overcome obstacles that hinder the process.

Source: Zawya

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