Egypt signed deals worth $1.9B under its privatization program: Prime Minister

CAIRO - 11 July 2023: Prime Minister, Mostafa Madbouly, announced that Egypt has signed contracts with the private sector to sell state-owned institutions worth $1.9 billion under its privatization program.

Madbouly stated that an additional deal worth $1 billion will be soon announced, this came during a press conference held at the Cabinet head office in the New Administrative Capital yesterday.

Earlier this year, the Prime Minister announced that 32 state-owned companies will be sold for strategic investors and listed on EGX within the coming year. The government had aimed to raise more than $2 billion in proceeds from asset sales by the end of June.

The IPO program is expected to increase the flow of the hard foreign currency into Egypt, expand the ownership base of state-owned companies, and maximize the contribution of the private sector in the economy.

Madbouly announced that the government had received $1.65 billion for shares sold of state-owned entities, and the rest was in EGP.

This includes the Telecom Egypt transaction, where a 9.5% stake in state-owned Telecom Egypt, raising more than EGP 3.7 billion, which accounts for $121 million.