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Finance minister defends govt appeal against Egypt renationalisations Appeal against September's court decisions are a 'necessary judicial procedure', says finance minister
Egypt's finance minister has said the government's legal appeal against returning three privatised companies to the state shows the country's investment climate is being safeguarded. Speaking at a Tuesday press conference, Hazem El-Beblawi, who also serves as Egypt's deputy prime minister, said the legal appeals were a "necessary judiciary procedure" which showed faith in Egyptian law. Three formerly state-owned companies were renationalised in September: El-Nasr Boilers and Pressure Vessels Manufacturing, Tanta Flax and Oil and Misr Shebin El Kom Spinning and Weaving. The finance minister, appointed in mid-July, was speaking at a briefing that followed Egypt's annual consultation with the International Monetary Fund. This year's discussions hinged on the IMF's controversial offer of a loan worth circa US$3 billion to help Egypt's battered economy.