Cairo – February 13, 2024: Speaking during a session at the 8th Arab Fiscal Forum in Dubai, Minister of Finance, Mohamed Maait, revealed that Egypt aims to attract $6.5 billion from its IPO program in 2024.
The program, launched in March 2023, is offering state-owned stakes in up to 40 companies and banks across 18 sectors. The program was originally set to close by March 2024 and was extended to December.
In line with the government’s goal of exiting several sectors, the program aims to strengthen private sector participation in the economy and support structural reforms to accelerate economic growth and recovery. Egypt looks to exit sectors such as the pharmaceutical, chemical, and construction industries.
During the session, Maait explained that Egypt is committed to creating sustainable financial spaces to expand social protection for its most vulnerable groups.
Egypt aims to enhance private sector participation in public investments to reach 65 percent in the coming years, with Maait highlighting the establishment of the Golden License which has facilitated several foreign investments.
As the country handles a shortage of foreign currency amid a challenging economic environment, the IPO program is a significant opportunity to attract foreign investors and investments.
Maait explained that Egypt is keen on pursuing financial policies that will boost production and exports, including monetary and investment incentives, and are linked to real targets for sectors of strategic importance and global competitiveness.
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