Egypt to raise LE about 6B from activating gov't offering program

CAIRO - 10 May 2022: Egypt’s draft budget for 2022/2023 fiscal year revealed the government's intention to complete the offering program.

 

It stated that the government aims to raise LE about 6 billion from activating the government's offering program.

 

The Egyptian government aims to raise its revenues during the next fiscal year 2022-2023 to LE 1.51 trillion, compared to expected revenues of LE 1.36 trillion during the current fiscal year.

 

Egypt aims to achieve tax revenues of LE 1.16 trillion during the next fiscal year, compared to expected tax revenues of LE 983.01 billion during the current fiscal year.

 

The government seeks to increase public tax revenues to about LE 589.5 billion during the next fiscal year, and to achieve value-added tax revenues by about LE 477.59 billion.

 

It also aims to record revenues from customs taxes worth LE 46.01 billion, and LE 55.68 billion from the remaining tax revenues.

 

The country also expects to achieve other revenues of LE 348.14 billion during the next fiscal year, compared to LE 380.6 billion during the current fiscal year.

 

In March 2018, the Egyptian government revealed its intention to offer minority stakes in 23 companies on the stock exchange, as part of a program to raise LE 80 billion within 24 to 30 months, but the government offered only 4.5% of the shares of the Eastern Tobacco Company in 2019, in addition to a part of "e-finance" for financial and digital investments in a public offering, and part of Abu Qir Fertilizers' shares in a secondary offering during 2021.

 

The government offering program aims to expand the ownership base and increase the market capital of the Egyptian Stock Exchange, in addition to increasing the value and quantity of daily trading.