The program started with the issuance of law 203 of 1991, which establishes the regulatory framework for the sale of shares and assets of 314 public enterprises affiliated to 10 Holding Companies. The law allows the sale of public enterprises to private sector investors and does not preclude purchase of assets by foreigners.
Out of the original portfolio of 314 companies, the government has sold majority interests in 167 and minority interests in another 18.
As of December 2001, the total privatization program involved the sale of interests in 185 companies, bringing in proceeds worth LE16.8 billion, representing some 4.4% of GDP.
Companies privatized were diversified over a number of sectors including agricultural, real estate and construction, food and beverages, milling, pharmaceuticals, cement, chemicals, fertilizers, engineering, retail, textiles, housing and tourism and telecommunications.
In addition to Law 203 companies, the government is committed to the sale of its outstanding stakes in 511 Joint Venture Companies (JVCs) according to Presidential Decree 341 of 1996 to reform and reconstruct JVCs through privatization. This includes both state and joint venture banks and insurance companies.
