Prime Minister Mostafa Madbouly during meeting on IPO Programme. Cabinet.
To receive the latest updates on the programme, Madbouly held a meeting on Sunday with Governor of the Central Bank of Egypt (CBE) Hassan Abdullah, Minister of Planning and Economic Development Hala El-Said, Minister of International Cooperation Rania Al-Mashat, Minister of Finance Mohamed Maait, Minister of the Public Enterprises Sector Mohamed Esmat, and Prime Minister's Advisor for the IPO programme Mahmoud El-Saka, among other high-ranking officials.
Launched in February, the government IPO programme includes offering 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.
Egypt has collected $5 billion from the programme, while other $5 billion deals are planned to be finalized by mid-2024.
Moreover, the country seeks to collect additional revenue of EGP 70 billion ($2.27 billion) from the programme during the fiscal year (FY) 2023/2024.
The privatization programme is part of Egypt's commitments under its $3 billion loan programme with the International Monetary Fund (IMF).
However, the IMF loan deal is currently facing challenges with the first review, originally scheduled to be completed on 15 March, not yet conducted.
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