Egypt to start floating state firms in 3-5 years: minister

Egypt will start floating parts of some state-owned firms on the country’s stock exchange within a timeframe of three and five years, minister of investment Dalia Khorshed announced Monday.

Earlier this year, the presidency announced in a statement a plan to list shares in state-owned bank and companies on the stock market, in a bid aimed at jump-starting investment and boosting economic growth.

“The coming period will witness offerings of parts of the capital of successful Egyptian companies and banks on the bourse,” said presidential spokesman Alaa Youssef said in January statement that followed a meeting between President Abdel Fattah al-Sisi and ministers. The statement did not specify which banks or sectors would be offered.