The International Finance Corporation (IFC) was appointed as Egypt’s strategic advisor for its Asset Monetization Program, as announced by the IFC’s Managing Director Makhtar Diop on 19 June 19. The monetization of state assets refers to the process of generating revenue by selling, leasing, or otherwise commercializing assets owned by the government or state entities. The IFC’s involvement is part of Egypt’s broader plan to enhance the role of the private sector in its economy. In February 2023, the Egyptian government announced its plan to sell stakes in 32 state-owned companies by 2024. Recently, they successfully sold a stake worth USD 121.6 million (EGP 3.76 billion) in Telecom Egypt, a state-controlled entity. With its strategic advisory role, the IFC – a member of the World Bank Group – will be instrumental in leveraging private capital and expertise to effectively manage state-owned assets. Key responsibilities of the IFC include structuring and preparing state assets for sale and ensuring a smooth transition to private ownership. Highlighting the significance of the agreement, Egypt’s Minister of International Cooperation Rania Al-Mashat described the partnership as a crucial step toward harnessing private capital and know-how to…
