Egypt s Prime Minister Mostafa Madbouly during a meeting on Wednesday, December 30, 2021, to discuss the latest developments of the country s plan on listing some state companies on the stock market
With a capacity of 4,800 megawatts each, the three plants, inaugurated by President Abdel-Fattah El-Sisi in July 2019, were designed to boost the country's electricity generation by 50 percent in conjunction with 12 wind farms.
Under a six billion euro ($6.7 billion) deal signed in 2015, the German giant built the plants in Egypt, billed at the time as the world’s biggest. In September 2019, Egypt awarded a $352 million contract to Siemens and Siemens Technologie to manage the plants.
“The offering is one of the most important projects that are in line with the objectives of the Egyptian state,” Ayman Soliman, CEO of Egypt’s Sovereign Wealth Fund (SWF) said, adding that it is an embodiment of the fund's main objectives.
These objectives include creating partnerships with the private sector to increase the country's economic growth, Soliman said in a meeting with Prime Minister Mostafa Madbouly yesterday.
The fund also aims to maximize the return on state-owned assets, and refinance state investments to ease the burden on the public budget, he added.
The main goals of the county's plan are "to increase foreign investment, attract foreign capital, enhance foreign investors' trust in the country's investment atmosphere, and create investment opportunities in the field of infrastructure and energy generation," the cabinet's statement quoted Soliman as saying.
Wednesday’s cabinet meeting focused on the latest developments of the country's plan to list some state companies on the stock market and the latest developments in several SWF investment projects.
The SWF, established in 2018, aims to attract private investments to Egypt and promote co-investment in state-owned assets to maximise their value and efficiency.
In March 2019, Egypt offered the first state-owned company to be listed on the EGX under the IPO programme. The company offered 4.5 percent of shares of tobacco monopoly Eastern Company on the EGX, with a total value of EGP 1.7 billion pounds ($99 million).
On 8 September, Minister of Planning and Economic Development Hala El-Said said that the government is expected to resume the stalled IPO programme before the end of 2021.
In October 2021, Egyptian state-owned payments firm e-finance for Digital and Financial Investments made its debut on the stock market on Wednesday under the IPO programme.