November 7, 2020

Egypt denies reports it plans to privatise EgyptAir


Egypt’s Ministry of Civil Aviation has denied reports that the government plans to privatise EgyptAir, the state-owned flag carrier.

The ministry, along with the media centre of the Egyptian cabinet, said that EgyptAir is owned by the state and that there is no intention for it to be privatised.

There has been debate for several years over whether the Egyptian government will publicly list EgyptAir Holding Company in the same way that other state-owned companies have been.

Talks for a $12 billion loan from the IMF were done so on the condition that Egypt roll out an austerity programme, commit to privatisation, subsidy reduction and higher taxes.

The loan, along with a package from the World Bank, the IMF and the African Development Bank, is to kick start the North African country’s economy following the 2011 Arab Spring, the 2013 coup and years of political oppression and human rights violations that have driven investors away.

In 2007 the Egyptian government announced it was considering selling a 20 per cent shareholding in the carrier but the decision was later cancelled.

In 2018 Egypt named 23 state companies which would float shares in its privatisation scheme, with the aim of raising $4.6 billion, including Banque Du Caire, Middle East Oil Refining and Engineering for Petroleum and Process Industries and Misr Insurance Company.

middleeastmonitor


Categories : aviation

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