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Finance minister defends govt appeal against Egypt renationalisations

Appeal against September's court decisions are a 'standard judicial procedure', says finance minister

Ahram Online, Tuesday 25 Oct 2011
Views: 2369
Views: 2369

Egypt's finance minister has said the government's legal appeal against returning three privatised companies to the state shows the country's investment climate is being safeguarded.

Speaking at a Tuesday press conference, Hazem El-Beblawi, who also serves as Egypt's deputy prime minister, said the legal appeals were a "standard judiciary procedure" which showed faith in Egyptian law.
Three formerly state-owned companies were renationalised in September: El-Nasr Boilers and Pressure Vessels Manufacturing, Tanta Flax and Oil and Misr Shebin El Kom Spinning and Weaving.  
The finance minister, appointed in mid-July, was speaking at a briefing that followed Egypt's annual consultation with the International Monetary Fund. This year's discussions hinged on the IMF's controversial offer of a loan worth circa US$3 billion to help Egypt's battered economy.
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