Egypt secures $5.6 bln from selling stakes in 14 state-owned companies

Ahram Online , Wednesday 20 Dec 2023

Egypt has secured $5.6 billion from the partial and full sale of stakes in 14 state-owned companies, Prime Minister Mostafa Madbouly stated in a press conference on Wednesday.

Prime Minister Mostafa Madbouly. Cabinet.
Prime Minister Mostafa Madbouly. Cabinet.


Madbouly stated that the government, in collaboration with the International Finance Corporation (IFC), has conducted preliminary studies on 50 state-owned companies in preparation for offering.

The IFC concluded that four sectors will be of top priority, including management and operation of state-owned airports, telecommunication, banks, and insurance, Madbouly said.

The telecommunication projects considered for offering and investments include broadcasting towers and data centres, he added.

In August, the Egyptian government announced plans to attract $5 billion from the offering of power plants and state-owned companies from October 2023 until the end of June 2024.

The government also announced that it collected $5 billion from offering stakes in 13 companies between March 2022 and July 2023.

Moreover, the government plans to offer stakes in 35 state-owned companies to strategic investors by the end of June 2024, under the State Ownership Policy Document.  A list of 32 companies was released in February and three companies were added to it later in 2023: Eastern Company, Al Ezz Dekheila, and Telecom Egypt

Madbouly announced in July that Egypt plans to bring in $191 billion in annual US dollar revenues by 2026, up from the current figure of $70 billion.

The IFC, one of the financial arms of the World Bank Group, was appointed in June as a strategic advisor for the Egyptian government’s Initial Public Offering (IPO) to provide advisory services for Egypt's privatization programme.

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