The expansion aims to widen the ownership base of state-owned companies and provide the private sector with an opportunity to contribute to these companies
Egypt is looking towards expanding its initial public offering (IPO) program within the coming few months, says Minister of Finance Mohamed Maait, as the country seeks to increase private sector engagement.
According to Maait, the expansion aims to widen the ownership base of state-owned companies and provide the private sector with an opportunity to contribute to these companies, highlighting the successful e-finance IPO.
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State-owned Administrative Capital for Urban Development (ACUD) company and United Media Services Company (UMS) have previously been announced as possibly joining e-finance on the Egyptian Exchange in the next few years.
The government is aspiring to stimulate investments and encourage investors to expand their businesses and production projects in Egypt, which it hopes will amplify private sector engagement in the development process and increase its contribution to economic activities to 50% from 30% over the coming three years.
The ministry is ready to implement incentive programs to support the industrial sector to boost the localization of technologies, maximize production capacities, and increase exports, Maait noted, adding that these will strengthen Egypt’s economy and increase job creation.
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These remarks came during an open dialogue with representatives from the business community and development partners during a conference organized by the Egyptian Businessmen's Association (EBA).
