The ministerial Economic Committee met today under the chairmanship of Dr. Mustapha Medbouli, prime minister, minister of housing, infrastructure and urban communities, in the presence of ministers for Planning, continuation and administrative reform, tourism, finance, agriculture and land reclamation, trade and industry and the public sector . Ministry of Public Works Sector regarding the proposed changes to the Act on public sector enterprises announced by Act No. 203 of 1991, Which falls within the scope of state efforts to develop public sector companies and remove all obstacles or obstacles. Here it is.
Mr Nader Saad, a spokesman for the Council of Ministers, said the proposed amendments aim to achieve a number of objectives, including reducing the role of government agencies that can interfere in the supervision and follow-up of companies to oversee only one representative of the owner and allow public enterprises to repair their structures Through the independence and recycling of parts of investments to mobilize more funds to create new projects and create new jobs, and reform companies to contribute to increasing production and adding value and work to maximize the wealth of investment in this area. E. Companies
Nader Saad added that the proposed changes are based on a few key axes, including the legal framework for the development of the results of public sector companies and the good use of their assets, the involvement of enterprises in the financial evaluation criteria and property valuation criteria, from other joint-stock companies governed by the provisions of the law 159 from 1981 and to address shortcomings and negatives resulting from the practical application of applicable law.
The proposed changes include the development of the rules and procedures of the evaluation committee in art. 19 of Act No. 203 of 1991. Increasing the level of transparency and transparency of public sector companies and applying corporate governance and good governance principles, as well as setting standards for holding companies or subsidiaries to participate in the creation of new companies, and establishing a general framework for activities follow-up joint ventures, as well as the best companies to optimize the use of their assets.
Therefore, the Prime Minister, Dr. Mustapha Madbouli, took into account the comments of the members of the ministerial economic committee regarding the proposed amendments to the law, and then sent them to the ministries for examination and presentation at the cabinet meeting for approval.
The Ministerial Economic Committee also reviewed during the meeting of the project on increasing adaptability in desert environments (PRIDE), which is to be financed by the International Fund for Agricultural Development (EFAD) in the Governorate of Mersi Matrouh.
It should be noted that the Board of Directors of the International Fund for Agricultural Development (IFAD) approved in Rome in December 2017. Financing the project with a loan of EUR 53.2 million, in addition to the subsidy of 860 thousand. EUR, as part of the Egyptian government's participation in the development of the development project in Marsa Matrouh Governorate. It is expected that variable economic development and development will be achieved, and will contribute to the implementation of a project that will provide new employment opportunities and promising investment conditions for province development.
The Prime Minister directed the Ministry of Planning, Continuation and Administrative Reform to investigate the matter by the competent committee to obtain the necessary approvals.