Prime Minister Ibrahim Mehleb’s decision for a board of trustees for the government’s small and medium enterprises (SMEs) company can be expected before the end of September Daily News Egypt learned.
“I don’t want to say it’ll be announced with days but you can expet it before the end of September,” said Ashram Al-Araby, Minister of Planning and Administrative Development.
“The board of trustees will study be responsible of formation the mother company and its subsidiaries in Egyptian governorates,” Al-Araby said. “They will also be responsible of the fun raising prices.”
“The board contains different expertise and important names to easily attract these investments,” the planning Minister said.
Last month, Al-Araby announced that the Egyptian government intends to establish a company for small and medium enterprises with a capital of EGP 2b0n.The government will put 80% of the company’s shares in the stock market for IPOs.
The company would target the implementation of small and medium projects, including those that would generate more jobs, the minister noted.
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.