Egypt signs deal to monetise seized vehicles, launches auctions in July

Egypt will begin auctioning seized vehicles starting in July under a new framework aimed at accelerating asset sales, boosting public revenues, and freeing up land occupied by overcrowded impound sites, the Finance Ministry announced on Sunday.

The Public Prosecution signed an agreement with the Finance Ministry’s Authority of Management and Disposal of Recovered and Seized Funds, the General Authority for Government Services, Banque Misr, and the National Bank of Egypt (NBE) to streamline the disposal process and enhance oversight.

The initiative forms part of broader government efforts to improve the efficiency of state asset management and extract greater value from underutilised holdings as Egypt pursues fiscal reforms and revenue diversification.

Mohamed Soliman Koura, executive director of the Authority of Management and Disposal of Recovered and Seized Funds, said the programme is designed to secure market-based valuations for seized vehicles while accelerating the clearance of storage sites across the country.

He said the move would also allow land currently occupied by impound lots to be reassigned for alternative development by the Ministries of Local Development and Housing.

Auction booklets and payments will be handled through the branches of Banque Misr and the National Bank of Egypt. At the same time, specialised committees will oversee the handover of vehicles to buyers after full payment is completed.

Mohamed Adel, head of the General Authority for Government Services, said the government plans to expand the number of vehicles and motorcycles offered, signaling a larger pipeline of recoverable assets entering the market.

The programme adds to Egypt’s wider push to strengthen public finances through better asset utilisation, alongside ongoing privatisation and state ownership reforms aimed at expanding private-sector participation in the economy.

Attribution: Amwal Al Ghad English