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Government to establish company for SMEs, place 80% of shares in stock market: Planning minister

August 18, 2014

Abdel Razek Al-Shuwekhi



Ashraf Al-Araby said government to establish am EGP 20bn small and medium enterprises company, issue 80% of its shares in stock market.

(Photo from Ministry of Planning)

The Egyptian government intends to establish a company for small and medium enterprises with a capital of EGP 20bn, and will put 80% of the company's shares in the stock market for IPOs, according to Planning Minister Ashraf El-Araby.

In a conference on Sunday on Sustainable Development Strategy for Egypt by 2030, El-Araby announced that the company would target the implementation of small and medium projects, including work that would generate more jobs.

He added that the World Bank plans to provide technical assistance for the establishment of the company as well as the implementation of proposed projects.

In the conference, The Ministry of Planning announced the commencement of discussions on the Sustainable Development Strategy for Egypt by 2030, which will focus on 11 topics, including health, education, economics, urban development and social justice.

“The coming period will witness the launch of several large-scale projects, the largest of which will be the Suez Canal project, as well as the establishment of a new company for small and medium enterprises with a capital of EGP 20bn,” he stated.

Another large-scale project the government plans to begin during the current fiscal year project is the establishment of 3,200 kilometres of roads across Egypt.

The total cost of the project will be about EGP 17bn, according to El-Araby. The army will develop 1,200 kilometres while the rest will be taken on by the private sector.

The government plans to launch other big projects, especially within the new and renewable energy sector, but El-Araby refused to disclose any details on these projects, saying that "in a few days there will be an announcement on one of the largest new energy projects within Egyptian history".

 


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Source: Daily News Egypt


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