Social services


Parliament in dark over bank privatisation

5 October 2007

The Egyptian government is facing criticism from MPs over plans to sell off the country’s publicly owned banks, as part of an $8.7 billion financial sector reform programme that has the backing of the World Bank, the IMF, the AfDB and USAID. In July, the government announced a plan to sell 80 per cent of Banque de Caire, one of the four largest public banks, to a “strategic investor”. Legislators had been told of a plan to merge it with the second largest public bank, Bank Misr, but nothing of transferring either into private hands. There are concerns over potential layoffs and the lack of transparency in the privatisation.