Privatisation. Privatisation can help to make the economy more efficient and to reduce public debt. While the privatisation process has come to a standstill since the beginning of the year, the Government has now committed to proceed with an ambitious privatisation program and to explore all possibilities to reduce the financing envelope, through an alternative fiscal path or higher privatisation proceeds. To preserve the on-going privatisation process and maintain investor interest in key tenders, the Hellenic Republic commits to proceed with the on-going privatisation programme. The Board of Directors of the HRADF has already approved its Asset Development Plan (ADP) which includes for privatisation assets under HRDAF as of 31/12/2014. The implementation of this programme aims to generate annual proceeds (excluding bank shares) for 2015, 2016 and 2017 of EUR 1.4bn, EUR 3.7bn and EUR 1.3bn, respectively. As prior action, and to re-launch the privatisation programme the Government will adopt these measures:
Privatisation. Privatisation can help to make the economy more efficient and to reduce public debt. The Government and the Privatisation Fund (HRADF) have taken important steps in advancing the privatisation programme forward (e.g., signing of the regional airport agreement, the conclusion of the OLP tender) and are committed to proceed with the ambitious, ongoing privatisation program of HRADF. Implementation of the agreed HRDAF Asset Development Programme (by means of direct sale, concessions, securitisations, or other forms monetisation) regarding all its core assets is key to stimulate private investment, increase efficiency, and provide financing to the state. To maintain investor interest in key tenders, the Hellenic Republic commits to proceed with the on-going privatisation programme. The Board of Directors of the HRADF has already approved its updated Asset Development Plan (ADP) which includes for privatisation assets under HRDAF as of 31/12/2014. The implementation of this programme aims to generate further annual proceeds (excluding bank shares) for 2016, 2017 and 2018 of EUR 2.5 bn, EUR 2.2 bn and EUR 1.1 bn, respectively, on top of EUR 0.4bn collected in 2015. The Government commits to facilitate the privatization process and complete all needed Government actions to allow tenders to be successfully executed. In this respect it will complete all actions needed as agreed on a quarterly basis between HRADF, the Institutions and the Government. The list of Government Pending Actions has been approved by the Board of Directors of the Hellenic Republic Asset Development Fund and is attached to this Memorandum as an Annex and constitutes an integral part of this agreement. As prior actions,
Privatisation. G7.1 In order to promote job security of employees, it is agreed that the privatisation of a Government entity may only occur where:
Privatisation. A wave of economic transformation under the banner of ‘privatization’, is sweeping through Africa, just as the Eastern Europe and Latin America felt with the transformation of the Eastern Bloc. The Nigerian Government, through the Bureau for Public Enterprises (BPE), is currently disengaging from the ownership and control of key government enterprises including the Nigeria Airways Limited and some aviation service providers. What then is privatization? In its most idealized version, Chibundu (1997,p.7), sees privatization as when “….a state divests itself completely of all interests in a commercial venture, and relegates its involvement in the affairs of that entity solely to that of an impartial regulator, leaving it to the ingenuities of profit-maximizing entrepreneurs to create national wealth.” There is no gainsaying the fact that a privatized Nigerian Airways Limited would have done better in the years past. The Federal Airports Authority of Nigeria (FAAN) is slated for privatization in 2004 and other aviation service providers like the Nigerian Airspace Management Agency (NAMA), the Nigerian Meteorological Agency (NIMET) and the Nigerian College of Aviation, (NCAT), Zaria will soon follow. Privatized Enterprises are likely to respond faster to the challenges to be heralded by deregulation, liberalization and Open Skies since government bureaucracy in decision making process would be minimized. Even the aviation regulators in Africa such as the Nigerian Civil Aviation Authority (NCAA) need a great deal of autonomy to perform better in their oversight functions. To be more specific on the benefits of privatization to the African National Air Carriers and the aviation service providers, let’s look at the immediate objective of privatization as put forward by Xxxxx(2001,p.1), “..may be to reduce the government deficit, raise cash from the sale of state-owned enterprise, or reducing external debt, while long-term objectives may be to increase productive efficiency, to acquire new technology, and to create employment opportunities.” These diverse objectives, according to Xxxxxxxx (1994, pp553-554), may be focused on three key issues: “Intensifying market forces and increasing productivity, efficiency, quality and service in producing goods and services by removing government from business activities to the greatest possible extent – including services and infrastructure, as well as manufacturing and associated activities. Generating new sources of fina...
Privatisation. Privatisation can help to make the economy more efficient and contribute to reducing public debt. The Government and the Hellenic Republic Asset Development Fund (HRADF or TAIPED) have taken important steps in advancing the privatisation programme forward (e.g., completion of the transaction on the regional airports, the conclusion of the Pireaus Port (OLP) privatisation, launching of Egnatia motorway concession tender, financial closing of Astir) and are committed to proceed with the ambitious, ongoing privatisation programme of HRADF. Implementation of the agreed HRADF Asset Development Programme (by means of direct sale, concessions, securitisations, or other forms of monetisation) regarding all its core assets is key to stimulate private investment, increase efficiency, and provide financing to the State. To maintain investor interest in key tenders, the Hellenic Republic commits to proceed with the on-going privatisation programme. The Board of Directors of the HRADF approved its updated Asset Development Plan (ADP), which includes for privatisation assets under HRADF as of 26 April 2016. It was subsequently endorsed by KYSOIP on 20 May 2016 and was published in the Government Gazette on the 25 May 2016 (GG B/1472). The implementation of this programme aims to generate further annual proceeds (excluding bank shares) for 2017 and 2018 of EUR 1.9 bn and EUR 2.5 bn, respectively, on top of EUR 0.3 bn and of EUR 0.5 bn, collected in 2015 and 2016 respectively. The Government commits to facilitate the privatization process and complete all needed Government actions to allow tenders to be successfully executed. In this respect, it will complete all actions needed as agreed on a quarterly basis between HRADF, the Institutions and the Government. The list of Government Pending Actions has been approved by the Board of Directors of the HRADF and is attached to this Memorandum as an Annex and constitutes an integral part of this agreement. As prior actions,
Privatisation. The Asset Development Plan will be implemented on a continuous basis. With a view to swiftly attracting investment to support a sustained economic recovery, complete by end-2019 the transactions on Egnatia, DEPA commercial, regional ports of Alexandroupoli and Kavala, AIA shares, EYDAP and EYATH. The momentum in the privatisation process observed over the previous months could not be maintained due to the Coronavirus outbreak. The pandemic is impacting the implementation of the privatisation programme in many ways, inter alia through difficulties in engaging with potential investors, impacts on asset valuations, reduced administrative capacity to implement necessary actions, and the interruption of construction works. Despite the overall negative commercial environment caused by the pandemic, the Hellenic Republic Asset Development Fund is advancing with maturing actions on its transactions, and the authorities are supportive and are taking the required actions on their side. This will make possible the launching of the next steps in the respective transactions, at a time that the situation normalises. At this stage, the situation regarding the ongoing transactions is as follows: Hellinikon (a specific 2018 commitment): Despite the continued strong engagement of the authorities to complete the conditions precedent to allow the transfer of shares to the preferred investor (Lamda), the financial closing is delayed by complications in the tender process for the award of the casino licence. Following the dismissal of a first appeal, the excluded bidder lodged a petition for annulment along with interim relief measures before the Council of State. The Council of State rejected the petition for interim relief measures on 7 May 2020. This opens the way for a continuation of the tender process though its finalisation will need to await the Council of State decision on the merit of the petition for annulment. The authorities are pursuing steps to address the remaining pending issues. Xxxxxx of Alimos concession (a mid-2019 specific commitment): the Cabinet Act authorising the signature of the concession agreement was published in the Official Gazette on 7 April 2020 and the concession agreement was signed by all stakeholders on 13 May 2020. The financial closing of the transaction is set to follow within 120 days of the signature of the concession agreement. Hellenic Petroleum (a mid-2019 specific commitment): The authorities are yet to decide on the approach to be...
Privatisation. In order to promote job security of employees, it is agreed that the privatisation of a Government entity may only occur where: the entity does not perform a role central to the functions of Government; and disadvantaged groups would not be negatively affected by the privatisation; and a social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale. In the event that privatisation of CIT or a service or services currently supplied by a CIT is under consideration, consultation will occur on the implications for employees. Where such privatisation is under consideration, CIT will provide the necessary reasonable resources to develop an in-house bid and this bid will be prepared either off site or on site as determined by the Chief Executive and subject to consideration on equal terms to any other bid. An independent probity auditor will be appointed by the Chief Executive to oversee the assessment of the in-house bid. Superannuation The Government will, through the Chief Minister and Treasury Directorate, consult with unions and employees on changes to superannuation legislation that may be proposed by the Commonwealth.
Privatisation. G9.1 In order to promote job security of employees, it is agreed that the privatisation of a Government entity may only occur where: (a) the entity does not perform a role central to the functions of Government; and (b) disadvantaged groups would not be negatively affected by the privatisation; and (c) a social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale.
Privatisation. The Parties further acknowledge that where it is intended that an Authority will be sold to private investors, resulting in a change of Control of the Government, the Government agrees to give notice to the Project Company one hundred and fifty (150) Business Days prior to the event. Except as otherwise expressly provided in this Agreement, the Parties agree that such change of Control will neither affect in any way the rights or obligations of, nor give rise to any rights in favour of any Party under this Agreement.
Privatisation. Type of Limitation: National treatment (Article 29) Legal Citation: Description: More favourable treatment may be accorded to New Zealand nationals and permanent residents in respect of ownership of enterprises currently in State ownership.
