Egypt aims to raise $5 billion from sale of stakes in state firms by June-end: minister

Egypt aims to raise between $4 billion and $5 billion from the sale of stakes in state-owned companies by the end of June 2024, Planning Minister Hala al-Saeed told Asharq Bloomberg on Sunday.

To date, the North African country had collected between $2 billion and $2.5 billion, the minister said.

Earlier in February, the government announced its plans to offers shares in 32 state-owned companies via public share offerings on the Egyptian Exchange (EGX) or to strategic investors. The share sale programme is part of the country’s new state ownership policy which outlines the government’s plans to more than double the private sector’s role in the economy to 65 percent and attract $40 billion in private investment by 2026.

The government wants to lessen its involvement in a number of sectors via public share offerings, stake sales to strategic investors, and more vivid public-private partnerships.