Egypt's Minister of Finance Mahmoud Mohi Eddin announced that the country is expected to raise over EGP 10bn ($1.7bn) from its privatisation programme during 2005-06. Eddin made this announcement at a seminar organised by the Executive Directors' Society. The government plans to use these funds to repay the debts owned by state owned companies, he said. Egypt 's privatisation programme had raised EGP 5bn during 2004-05, against a target of raising EGP 3bn.