Egypt targets economic growth of 4.2% in 2023 – minister

Egypt is seeking to achieve economic growth of around 4.1 percent to 4.2 percent this year, Minister of Planning and Economic Development Hala Elsaid said on Tuesday.

Elsaid is expecting that the sale of the government’s stakes in the military-owned National Company for Producing and Bottling Water, Safi, and the fuel retailer Wataniya to take place in either October or November.

The minister’s expectations are high after three out of seven investors were shortlisted to buy the offered stakes.

Elsaid also revealed that an international consultant was appointed to advise on turning several ministerial premises in Downtown Cairo into boutique hotels.

However, the consultant must submit its report within three months.

The Egyptian cabinet announced on May 8th that the government had started receiving offers from investors to buy shares in both Wataniya and Safi.

The IPO programme is seeking to sell stakes in 32 state-owned companies in various fields to attract strategic investors.