Egypt’s PM follows up on IPO, reforms program

CAIRO - 22 October 2023: Prime Minister Mostafa Madbouly met with the Governor of the Central Bank of Egypt (CBE) Hassan Abdullah and the Minister of Planning and Economic Development Hala El Said to follow up on Egypt’s initial public offering (IPO) program and progress in implementing structural reforms.

The implementation of the structural reforms program was discussed in the meeting as it is a top priority in the government’s development strategy due to its importance to the Egyptian economy especially in industry, agriculture and communications technology fields.

During the meeting, the PM followed up on updates on a number of files, including the government-led initiative to cut prices of essential commodities in the local market and providing the necessary resources to import basic goods, especially strategic ones such as wheat and petroleum materials.

In a separate statement, Finance Minister Mohamed Maait said that deals worth $2.5 billion were implemented by the state to exit from its owned companies within the IPO program during the first quarter of the current fiscal year 2023/2024.

The Egyptian government has goals to collect $5 billion by offering shares of some state-owned companies to strategic investors from October 2023 until the end of June 2024.