After starting in 2019, the program was postponed due to the Covid-19 pandemic in March 2022, resuming in 2021 with the listing of state-owned digital services platform e-finance
Egypt is aiming for 12 companies to go public under the government’s initial offering program on the Egyptian Exchange (EGX) by the end of 2022, revealed Prime Minister Mostafa Madbouly during a press conference to discuss the government’s plan to handle global economic challenges.
Madbouly stated that 2 of these were military-run, while the other firms are under the umbrella of the public business sector.
After starting in 2019, the program was postponed due to the Covid-19 pandemic in March 2022, resuming in 2021 with the listing of state-owned digital services platform e-finance.
It was announced last week that Egypt had further delayed the program until after summer.
The government is set to announce the state's policy on the ownership of companies before the end of May, explained the prime minister, aiming to raise the private sector’s share in economic activities to 65% in the next 3 years, up from the current 30%.
Madbouly stated that Egypt is targeting a total value of $40 billion for its offered state-owned assets from both local and foreign private sector participation over the next 4 years.
The government has allocated EGP 130 billion as a financial package to deal with the direct negative impacts of the war in Ukraine and another EGP 335 billion to deal with its indirect impact.
The prime minister also said that the government aims to decrease total debt to 75% of gross domestic product in the next four years from 86% currently, and the budget deficit to 5% from 6.2%.
