On Wednesday, Prime Minister Moustafa Madbouly announced that Egypt has finalized contracts to sell stakes in 14 state-owned assets, with a total value of $5.6 billion. This initiative is part of a comprehensive program aimed at enhancing private sector engagement in the economy.
Madbouly disclosed that the government, in collaboration with the International Finance Corporation (IFC), conducted preliminary studies on 50 state-owned companies in preparation for the offering. The IFC identified four priority sectors, including the management and operation of state-owned airports, telecommunications, banks, and insurance.
Telecommunication projects considered for offering and investments encompass broadcasting towers and data centers. In August, the Egyptian government outlined plans to raise $5 billion through the offering of power plants and state-owned companies from October 2023 to the end of June 2024.
Additionally, the government secured $5 billion from offering state-owned stakes in 13 companies between March 2022 and July 2023. Another strategic move involves offering stakes in 35 state-owned companies to strategic investors by the end of June 2024, aligning with the State Ownership Policy Document. A list of 32 companies was initially released in February, with three more companies added later in 2023: Eastern Company, Al Ezz Dekheila, and Telecom Egypt.
