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

AAR signs extended PBH contract with Air Austral

AAR has secured an extension of its contract supporting Air Austral's fleet of B737NG aircraft, which began in 2009.

PARIS AIRSHOW: Ethiopian wins Best Airline in Africa at Skytrax awards

Ethiopian Airlines won Skytrax World Airline Award for The Best Airlines in Africa at the Paris Air Show this week.

Sabena technics and Precision Air extend collaboration

Precision Air is to keep Sabena technics for the component support of its entire fleet of ATRs.

Etihad Airways to increase services to North Africa

Etihad Airways is increasing capacity between its Abu Dhabi hub and key markets of Amman, Beirut, Cairo, Casablanca and Rabat to cater to the peak June September travel period, while additional services to Dammam will be year-round.

Airbus launches new open aviation data platform to support digital

Airbus has launched a new aviation data platform in collaboration with Palantir Technologies pioneers in big-data integration and advanced analytics. Skywise aims to become the single platform of reference used by all major

PARIS AIRSHOW: GE and its JV partners receive more than $31 billion in orders

GE Aviation and its joint venture companies, led by CFM International, announced more than $31 billion (USD) in orders and commitments at this week's Paris Air Show.

Honneywell ADS-BSK310517
See us at
Aviation Africa BT18418GroundHandling BT0303280917Global Aerospace BT28218