“The implementation has already started and some of these assets are going to the market next month,” Maait told Bloomberg on the sidelines of a financial conference in Riyadh
Egypt might be expanding its list of state-owned companies that it plans to offer to investors and on the Egyptian Exchange (EGX), with Minister of Finance Mohamed Maait explaining to Bloomberg that some might be ready as early as next month.
“The implementation has already started and some of these assets are going to the market next month,” Maait told Bloomberg on the sidelines of a financial conference in Riyadh.
The finance minister stated that there could be an additional eight companies that will join the other 32 on its privatization list set to be offered within the year, but did not elaborate further.
The government expects to attract “billions of dollars in the coming year” from the sales, the finance minister said.
Egypt’s privatization program offers stakes of state-owned and military-owned companies to strategic investors, public offerings on the EGX, or a combination of both.
The program has become an important initiative by the government to support the economy and encourage foreign investment after dealing with the economic repercussions of the pandemic and the Russia/Ukrainian conflict.
According to Maait, the program could include up to five state-owned banks, mentioning the state’s 20% stake in Alexbank as well as Banque du Caire, AAIB, and United Bank. These banks have already been on the list, with United Bank receiving interest from the KSA’s sovereign wealth fund.