Egypt targets to raise $6B through selling stakes in state-owned companies before mid-2023

CAIRO - 25 September 2022: Egypt aims to raise up to $6 billion, before June 2023, by selling stakes in state-owned companies, according to the Minister of Planning, Hala El-Said.

 

El-Said added that the program may include offering shares to the public, or selling shares to strategic investors, with the support of the country's sovereign fund. 

 

The minister did not identify the companies nominated for the sale, according to Bloomberg Al Sharq.

 

The minister noted that additional wealth funds in the Gulf and other countries will be contacted, and there is a plan for a promotional tour in Europe and Asia by the end of October to showcase investment opportunities in Egypt.

 

"Sovereign funds are usually long-term investors, and they add value in terms of expertise, financing and technology," she added.

 

Egypt recently established a "pre-IPO" fund, which aims to restructure some state-owned assets and prepare them for offering in the market.

 

She revealed that the goal is to transfer assets amounting to $3 billion to this fund within three to six weeks, including a power plant built in cooperation with the German company "Siemens".