The program should have a target of $10 billion per year for four years, he clarified, and will strengthen the role of the private sector in expanding the industrial base
During the annual Iftar ceremony, “the Egyptian Family Iftar,” President Abdel Fattah Al-Sisi revealed several initiatives and state activations, including announcing the establishment of a new program to boost private sector participation in state-owned assets.
“The next stage will witness the state doubling its support to the private sector, so that it can play its role in developing the economy, and I will work on providing a proper environment to achieve this,” the President indicated.
The program should have a target of $10 billion per year for four years, he clarified, and will strengthen the role of the private sector in expanding the industrial base.
During his speech, the president directed the state to list army-owned enterprises on the Egyptian stock exchange (EGX) before year end, as well as begin selling the shares of certain state-owned companies in the EGX, echoing his 2019 statement when he first announced that the military should be allowed to sell shares on the EGX.
In January, Minister of Planning and Economic development, Dr. Hala El Said declared that the state was aiming to list state-owned companies every month or two.
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"We're trying to select the right companies that can attract good institutional and good private sector (investors), and at the same time help in deepening the capital market in Egypt," she said at the time, declining to name any company.
Citing weak markets, legal hurdles and the readiness of each company’s financial documentation, the program has already been delayed several times.
During his speech, Al-Sisi praised Egyptians for their endurance while carrying the difficulties of the economic reforms, while also stressing that the government and all concerned agencies will work to enhance support provided to wheat farmers in Egypt, by increasing incentives to ensure wheat self-sufficiency.
