in Business & Finance

EgyptAir Holding Company will not be privatised, said CEO

Posted 18 August 2016 · Add Comment

Safwat Mossallam, the chairman and CEO of the EgyptAir Holding Company said the company will not be privatised as part of economic reforms the government will undertake later this year, reports ch-aviation.

Mossallam said there were no current plans to publicly list the EgyptAir Holding Company as there were for several other state-owned enterprises.

Egypt is seeking to raise a USD21 billion loan package from the World Bank, the International Monetary Fund (IMF), the African Development Bank (AfDB), as well as through international sovereign bond issuance, to help kick start an economy currently struggling with a scarcity of US dollars as well as low investor confidence.

Preliminary talks with the IMF over a three-year USD12 billion loan have reportedly resulted in a tentative agreement but as with any IMF loan, it is presumed austerity, privatization, subsidy reduction, and higher taxation commitments will be required before any funding is disbursed.

As such, given its USD1 billion in total losses accumulated since the 2011 Arab Spring uprising and its dependency on government for assistance, the future of the EgyptAir Holding Co. is expected to feature, at some point, in the ensuing talks.

 

* required field

Post a comment

Other Stories
Advertisement
Latest News

Garmin introduces the GFC 600H helicopter flight control system

Garmin has launched the GFCTM 600H flight control system for helicopter owners and operators a breakthrough in cost-effective technology that reduces pilot workload and improves mission effectiveness.

IATA: Sub-Saharan Africa continued to make strong progress on safety

The International Air Transport Association (IATA) released data for the 2017 safety performance of the commercial airline industry showing continued strong improvements in safety.

Ethiopian becomes Africas first A350 full-flight simulator operator

Ethiopian Airlines has achieved yet another milestone, becoming the first A350 XWB Simulator Operator in Africa and among the few in the world.

Swaziland seeks to diversify network through subsidised ops

Following the collapse of the Swazi Airways venture before it ever even launched flights, the Swazi government is now courting South African carriers over their interest in connecting Manzini King Mswati III Int'l to various cities

Algerian minister confirms bids submitted re cargo market tender

Algerian Minister of Public Works and Transport, Abdelghani Zaalane, has confirmed that four bids have been submitted to government regarding the proposed liberalisation of the country's air cargo market, reports ch-aviation.

AHRLAC based Bronco II launched

The newly created company Bronco Combat Systems (BCS) USA, announced today the launch of the Bronco II aircraft, which is based on Paramount Group's AHRLAC aircraft (Advanced High-Performance Reconnaissance Light Aircraft).

TAA SK0902311218
See us at
Global Aerospace BT010518Aviation Africa BT18418