The Social-Economic Cabinet on Sunday decided to sell off nearly all the government-controlled companies in Israel, in a move that is expected to bring in as much as NIS 20 billion ($7 billion) over the next three years.
The controversial sell-off was the idea of Finance Minister Yair Lapid, who convinced Prime Minister Binyamin Netanyahu to support it. Several ministers objected, but on Sunday the objections were dealt with and resolved.
Under the plan, the government will float shares of the companies on the Tel Aviv Stock Exchange. Companies to be sold off in this manner include the Ports Corporation, Israel Railways, Mekorot, Israel Electric Company, National Gas Works, and others.
Under the plan, the government will retain 51% of the shares of these companies, but will be a stockholder like others.