The Finance Ministry will begin preparing the executive rules of the law, which delineates how the private sector may participate in infrastructure and public sector projects.
Finance Minister Youssef Boutros-Ghali formed a joint legal committee including the heads of the finance, budget and partnership sector as well as his legal experts, to formulate the rules.
Rania Zayed, head of the Public-Private Partnership Central Unit (PPP), said she expects the regulations to be issued within two months. The prime minister issues the executive rules after they are submitted to him by the finance minister, she explained. The cabinet of minister then approves the rules within three months from when they were submitted.
Zayed said she does not expect the law–endorsed by the People’s Assembly a few days ago–to be amended within the next five years, particularly because it is one of the best pieces of legislation approved by parliament over the past 18 years. The two houses of parliament debated the law over a period of four months.
The PPP’s supreme committee, lead by Prime Minister Ahmed Nazif, decides on what projects will be included within the partnership, she added.
The new law will reduce the budget deficit, attract investments and encourage the private sector, Zayed argued, adding that the partnership with the private sector is not related to privatization, since the profits and costs are managed differently.
Translated from the Arabic Edition.
