Egypt’s Minister of Public Enterprise Sector Hisham Tawfik has said that his ministry has made great strides in reviewing the untapped assets owned by companies to maximize the returns achieved from them.
These assets were used to pay historical debts amounting to about EGP 33bn, and financing a number of development projects or participate in them in national and investment projects.
The minister’s remarks came during a meeting, on Monday, with Elena Panova, the United Nations (UN) Resident Coordinator in Egypt.
Tawfik said that the Ministry of Public Enterprise Sector’s reform efforts in its public business sector companies are represented in three main axes: administrative and legislative reform; technical restructuring of companies; and good exploitation of untapped assets.
The minister referred to the amendments to the law regulating the work of public business sector companies issued by Law 185 of 2020. This aimed to create the appropriate legal framework for developing companies, implement governance, and increase levels of disclosure and transparency.
He also emphasised the development of information systems in the affiliated companies through the application of an enterprise resource planning (ERP) programme, in six main elements: sales; purchases; finance; stores; human resources; and production. The application is taking place at 63 affiliated and holding companies.