Egypt aims to raise approximately USD 6.5 billion (EGP 200.8 billion) through the privatisation of state-owned companies and assets by the end of this year, Minister of Finance Mohamed Maait announced on 13 February, according to a press release on the ministry’s website. “[The programme] contributes to attracting more investments, maximising the role of the private sector in economic activity, and increasing the sector’s participation in public investments to 65 percent in the coming years,” the press release reads. Maait’s comments, which were given during the Annual Arab Fiscal Forum in Dubai, came a few months after Egyptian Prime Minister Mostafa Madbouly revealed that the government secured about USD 5.6 billion (EGP 173 billion) in 2023 from selling state-owned stakes in 14 companies. While Madbouly did not disclose what the 14 companies were, media outlets reported stakes being sold in the Telecom Egypt, E-Finance, Eastern Company, Al Ezz Dekheila Steel Company, Paint and Chemicals Industries, Commercial International Bank, Abu Qir Fertilisers, Misr Fertilisers Production Company, Alexandria Containers and Cargo, Fawry, Egyptian Ethylene and Derivatives Company, Egyptian Drilling Company, and Egyptian Linear Alkyl Benzene Company. Currently, 35 entities and assets are…
Egypt Targets $6.5 bn in Privatisation Programme for 2024: Finance Minister
February 14, 2024
