• 12:29
  • Thursday ,09 September 2010

Egyptian minister leaving cabinet for WB


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Thursday ,09 September 2010

Egyptian minister leaving cabinet for WB

 CAIRO- Egyptian Investment Minister Mahmoud Mohieldin, a prominent economic liberaliser, will resign from the Egyptian government to take up a senior post at the World Bank beginning in October, the cabinet said on Wednesday.

  Expectations that he would take the World Bank post has led to media speculation about possible successors for his ministerial portfolio, seen as vital to an economic team that has pushed through controversial free market reforms since 2004.

    "As soon as he takes up the new position, he will leave the ministry," said cabinet spokesman Magdy Rady.

   The state-run egynews.net website said possible contenders to head the minister included Ziad Bahaa el-Din, who is the chairman of Egypt's financial regulatory agency.

   Mohieldin is one of three leading ministers who spearheaded liberal reforms under the government of Prime Minister Ahmed Nazif. These included the sale of major state assets and sharp reductions in income taxes and tariffs.