Mubarak accepts Mohieldin’s resignation, Rachid to lead Ministry of Investment

Minister of Investment Mahmoud Mohieldin announced that he will attend his last official meeting as minister next Sunday, as part of a full cabinet meeting. Prime Minister Ahmed Nazif has convened the meeting in order to review the process of carrying out a judicial ruling on the Madinaty plan.

This development comes after President Mubarak agreed to Mohieldin's request to resign from his position with effect from Tuesday, in order to take up a position as a director at the World Bank in Washington D.C.

Mohieldin explained that the government requires an alternative delegate to take over the position in the event of his absence, and that in this case the new investment minister will be the current minister of industry and trade Rachid Mohamed Rachid. He said that President Mubarak had instructed him to meet with Rachid in order to go over Investment Ministry files, stressing that Rachid is already familiar with all the affairs of the ministry because of his participation in planning and investment projects.

The outgoing minister added that he had presented a letter to President Mubarak in which he thanked him for the honor of serving his country and for the support he had received during his tenure in the ministry. He also offered thanked the president for his support in his nomination for the esteemed position at the World Bank.

Translated from the Arabic Edition.

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