The Prime Minister of the Government of National Unity issued Resolution No. 349 of 2023 regarding the reorganization of the General Authority for Investment and Privatization Affairs.

The first article of the decision stipulates that the General Authority for Investment and Privatization Affairs be reorganized so that it is managed by a president and seven members, including the chairman of the State Property Authority. Whereas, Article 2 of Presidential Council Resolution No. 61 of 2019 to reorganize the authority, as amended by Resolution No. 131 of 2021, was rescinded.

Article 3 of the decision called on the competent authorities to implement it from the date of its issuance and to cancel every provision that contradicts it.

It is also mentioned that Article 5 of the Presidential Council’s decision for the year 2019 provided for the formation of a board of directors headed by the Minister of Economy and the membership of each of the Undersecretary of the Ministry of Finance, the Undersecretary of the Ministry of Planning, the Undersecretary of the Ministry of Labor and Rehabilitation, and the Undersecretary of the Ministry of Housing and Utilities, while the amendment of this article in the decision issued in 2021 stipulated the appointment of a president and six Members with experience and competence for whom a decision is issued by the Council of Ministers

It is noteworthy that the recent Cabinet decision did not clarify whether the board of directors will be chaired by the Minister of Economy, or a person with experience and competence will be appointed. The same applies to the six members, in addition to the chairman of the Board of Directors of the State Property Authority.