Cairo – May 13, 2024: Egypt is considering the setup of a new organization to handle the ownership of the country's state-owned companies, as shared by Minister of Planning and Economic Development, Hala El Said.
This decision follows a suggestion from the World Bank and supports the government's plan outlined in its state ownership policy document. The aim is to exit certain sectors strategically while encouraging more involvement from private businesses.
El Said mentioned to Al Borsa that this new entity would facilitate the process of selling state assets and would work separately from the Sovereign Fund of Egypt (SFE), which has already taken in some state-owned assets.
Egypt plans to exit seven sectors, like pharmaceuticals and construction, to attract more private investment, as part of an $8 billion package from the IMF.
According to a statement from the World Bank in April, Egypt is gearing up for a $1.1 billion program to carry out the state ownership policy. The World Bank will reportedly provide $1 billion for this program.
Additionally, Egypt's sovereign fund is getting ready for a promotional tour in June to showcase investment opportunities in the Gulf region.
El Said mentioned in a separate interview that the tour will involve meetings with Gulf state sovereign funds, financial institutions, and potential investors.
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