Egypt launches fund to reform state-owned enterprises

New fund for state-owned enterprises: The Madbouly Cabinet approved last week setting up a fund to finance the overhaul of state-owned companies. The fund, which will be spearheaded by the Public Enterprises Minister, aims to help state-owned companies reduce their debt levels, implement governance frameworks and clear “financial bottlenecks.” Reuters notes that the move has the backing of the IMF. It also comes as Cabinet is due to review the final draft of proposed amendments to the Public Enterprises Act that could open the door to the listing on the EGX of state holding companies, according to Al Mal.