Egypt plans to list three or four companies affiliated with the military on the Egyptian Exchange (EGX), Prime Minister Mostafa Madbouly announced at a press conference on Wednesday. The move is part of a broader strategy to increase private sector participation in the national economy and enhance transparency.
Madbouly stated that further details regarding the listings would be disclosed next week. He emphasized that the listings are expected to attract investment and promote economic development.
This initiative is part of Egypt’s privatization program, which aims to raise between $2 billion and $2.5 billion in the 2024/25 fiscal year. The program focuses on divesting from sectors such as pharmaceuticals, chemicals, and construction, and reducing government investment in others, including power plants.
Since March 2023, Egypt has already raised $3.1 billion from state asset sales, including $2.5 billion in 2022. The privatization efforts are supported by a partnership with the International Finance Corporation (IFC), which acts as the strategic advisor for the government’s Asset Monetization Programme. The programme aims to leverage private capital to manage state-owned assets and stimulate economic growth.
The agreement with the IFC, which was formalized last year, is a key part of the government’s State Ownership Policy, launched in December 2022, to empower the private sector and foster competitiveness, job creation, and improved living standards.
