Davos 2023: Egypt sees high demand from investors – minister

Egypt is seeing a good turnout of investor to buy stakes in state-owned enterprises, Minister of Planning Hala al-Saeed said during World Economic Forum (WEF) on Wednesday.

al-Saeed added “I think definitely the stock market is at its best now,” noting that it is among the sectors studied by industry, agriculture, and telecommunications, without giving any details of any particular companies or transactions.

This amid the government pursues partial privatisations to drum up funds after a sharp fall in the value of its currency.

Egypt’s currency was facing a temporary problem given the “multiple shocks” happening globally, said the minister.

Egypt embarked a $3 billion International Monetary Fund (IMF) programme that calls for reducing the state’s footprint in the economy, liberalising the exchange rate and rationalising spending.