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Egypt Eyes $1B from Selling Stakes in State Assets in 2024: Planning Minister

April 21, 2024
Egypt’s Minister of Planning and Economic Development, Hala El-Said. Image Credit: Wikimedia Commons

Egypt aims to raise USD 1 billion (EGP 48.2 billion) this year by selling state assets through its ongoing privatisation programme, Egyptian Planning Minister Hala El-Said revealed in an interview with Asharq Business on 21 April.

The government will also work to improve the following year, with an increased target of USD 1.5 billion (EGP 72.3 billion) set for 2025.

Previously, in February 2024, Egypt’s Minister of Finance Mohamed Maait stated that the government is looking to raise USD 6.5 billion (EGP 313.4 billion) by the end of the year.

The planning minister also revealed that Egypt has received offers from seven global hotel chains to repurpose old ministry buildings. The government intends to maintain ownership of these properties while allowing companies to leverage them commercially.

The interview with El-Said further revealed that bids for a stake in the Jabal El-Zeit and Zaafarana power stations are being evaluated, with international consultants expected to complete the assessment within 3 to 4 months. Saudi Arabia’s Acwa Power and the United Arab Emirates’ (UAE) Alcazar Energy are among the interested parties, alongside five other local and foreign firms.

The government’s privatisation programme was created as a condition for receiving a USD 3 billion (EGP 68 billion at the time) loan package by the International Monetary Fund (IMF) in October 2022.

The monetary fund’s recently revised loan – expanded on 6 March – still prioritises enabling the private sector further by selling stakes in several state-owned assets.

The Egyptian government’s long-running privatisation persists despite increasing foreign currency reserves and a surge in foreign investment, predominantly through the Ras El-Hikma investment mega-deal with the UAE.

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