Speaking during a session at the 8th Arab Fiscal Forum in Dubai, Maait explained that Egypt is committed to creating sustainable financial spaces to expand social protection for its most vulnerable groups
Egypt is looking to attract $6.5 billion from its IPO program in 2024, according to Minister of Finance, Mohamed Maait.
Speaking during a session at the 8th Arab Fiscal Forum in Dubai, Maait explained that Egypt is committed to creating sustainable financial spaces to expand social protection for its most vulnerable groups.
The government launched the IPO program back in March of last year, offering state-owned stakes in up to 40 companies and banks across 18 sectors. The program was originally set to close by March 2024 and was extended to December.
The program is in line with Egypt’s aim to exit 7 sectors - including the pharmaceutical, chemical, and construction industries - to strengthen private sector participation in the economy and pursue structural reforms to accelerate economic growth and recovery.
Egypt aims to enhance private sector participation in public investments to reach 65% in the coming years, with Maait highlighting the establishment of the Golden License which has facilitated several foreign investments.
As the country handles a shortage of foreign currency amid a challenging economic environment, the IPO program stands as a significant opportunity to attract foreign investors and investments.
Maait explained that Egypt is keen on pursuing financial policies that will boost production and exports, including monetary and investment incentives, and are linked to real targets for sectors of strategic importance and global competitiveness.
