Egypt sells state stakes for $1.9 billion – PM

Egypt has sold stakes in some state-owned entities, said Prime Minister Moustafa Madbouly in a press conference on Tuesday at the Cabinet headquarters in the new administrative capital.

Madbouly explained that the government had received $1,65 billion and an equivalent of the remainder $250 million in Egyptian pounds for the shares sold so far in a number of state-owned entities, including Telecom Egypt.

In January 2023, the prime minister announced that 32 Egyptian state-owned companies would be listed on the Egyptian stock Exchange (EGX) and also sold for strategic investors within a year.

The Egyptian government has finalised completing 25 percent of the first phase of the IPO programme, Madbouly noted.

He further added that the World Bank’s International Finance Corporation (IFC) would advise the government in preparing 50 more companies to join the state share sale and IPO programme.

The North African country targets $191 billion in dollar revenues in 2026, up from the current figure of $70 billion, he said.