The initiative is the first step in regulating the country's taxi drivers, who will now operate under one company. The World Bank acted as the government's adviser on the deal.

Studies are also expected to begin this year on the proposed privatisation of postal services. Request for proposal documents are due out in April for a detailed feasibility study into the sell-off, which is expected to be launched in the first quarter of 2004. Other utilities likely to be privatised over the next year include the ports and power sectors.