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Israel plans to fully or partly privatize a number of state-owned companies in a move aimed at boosting efficiency, reducing the national debt and fighting corruption.

The decision, approved by the ministerial socioeconomic cabinet, was expected to add NIS 15 billion ($4.07 billion) to state coffers over the next three years, the Finance Ministry said Sunday.

Minority stocks will be issued for firms "in which the state has an interest in retaining long-term governmental control" such as Israel's electricity corporation, aviation, trains, water, mail and natural gas industries, a ministry statement read.

It will also sell companies in which it has "no long-term interest", such as the ports at Ashdod and Haifa, a modified and declassified military industry (with the state retaining the right to determine the ownership), the Dead Sea Works and others.

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