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

Flight for sore eyes

It's not rare to spot an MD-10 aircraft in African skies but there is one unique jet, owned by Orbis that is saving the sight of thousands and offering life-changing training in eye care.

Etihad Airways adds new B787 to Casablanca route

Etihad Airways is to operate its flagship Boeing 787 Dreamliner on the Abu Dhabi – Casablanca route, effective 1 May 2018.

Conference plots the future direction for drones

Unmanned air vehicles and their potential uses throughout Africa were put under the microscope at the Drones East Africa Conference in Nairobi. Githae Mwaniki reports.

Air Austral accedes to Air Madagascar's shareholding

Air Austral has completed its accession to Air Madagascar's share capital, reports ch-aviation.

The ATR 72-600 tours West Africa

From December 11 to 14, an ATR 72-600 in the colours of Air Sénégal will embark on a demonstration tour in three West African countries.

EgyptAir on cloud nine with latest 737-800 delivery

EgyptAir has received its ninth and final Boeing 737-800NGs on a lease deal from Dubai Aerospace Enterprise (DAE) and valued at $864 million. All nine were handed over during in the course of the past year.

Aviation Africa SK18418
See us at
Aviation Africa BT18418