Egypt has secured $6 billion from the sale of stakes in state-owned enterprises as part of its ongoing privatization initiative, the government said Monday.
The update was delivered following a cabinet meeting led by Prime Minister Mostafa Madbouly, where officials reviewed the progress of the country’s asset sale program.
Since launching the initiative, often referred to as the IPO program, Egypt has completed 21 deals spanning 11 economic sectors. The central bank governor and several ministers attended the meeting to assess the next phase of the project.
The program was first unveiled in February 2023, when the government announced plans to offer 32 state-owned companies for sale, either through listings on the Egyptian Exchange or via direct deals with strategic investors.
The move is part of a broader strategy to increase private sector involvement, generate foreign currency, and reduce the state's role in commercial activity.
According to Madbouly, the plan aims to attract investment, widen ownership of Egyptian companies through public offerings, and meet the government’s financial obligations.
'Committed to implementing the State Ownership Policy'
“We are committed to implementing the State Ownership Policy,” he said, referring to the roadmap that outlines which sectors the state will exit or scale back from to enable greater private investment.
The asset sale drive is a key component of Egypt’s economic reform efforts, particularly as it seeks support from the International Monetary Fund and aims to stabilize its economy amid foreign currency shortages and mounting debt.