Madbouly said that the cabinet had been engaged in discussions on how to activate the EGX and expand the participation of Egyptians in all public institutions
The government is set to announce the details of its coming public listings of state-owned companies on the Egyptian Exchange (EGX) during 2023, says Prime Minister Mostafa Madbouly, reviving its privatization program.
"In less than two weeks, the cabinet will fully announce the plan to offer all [mandated] companies on the Egyptian exchange in 2023," the PM explained to the press yesterday while touring housing projects in Cairo's Capital Gardens City.
Madbouly said that the cabinet had been engaged in discussions on how to activate the EGX and expand the participation of Egyptians in all public institutions.
Minister of Planning and Economic Development, Hala El-Said, previously stated that investor appetite for the Egyptian economy and state-owned assets is high.
According to multiple media reports, the government is looking to list Banque du Caire, Misr Life Ins, Egyptian Drilling Company, and Egyptian Linear Alkylbenzene Company (ELAB) on the EGX, with another eight possible listings.
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The announcement is in line with the recently launched State Ownership Policy document, he added, which aims to regulate the state’s presence in economic activities while boosting private sector participation and investment.
Madbouly emphasized the private sector's vital role in meeting its developmental goals for all sectors, pointing to the actions taken within the State Ownership Policy document’s framework.
Egypt’s IPO program has been on hold due to the pandemic and is set to support the government’s aim to move away from certain economic activities.
Increasing the role of the private sector in economic activity and growth, as well as reducing the government’s footprint in the economy, is part of the conditions set by the IMF for its recent $3 billion loan to Egypt.
