Arab Finance: Egypt has signed contracts worth a total of $1.9 billion with the private sector to sell state-owned assets under its initial public offering (IPO) program, Prime Minister Mostafa Madbouly announced in a press conference on July 11^th.

Under the sealed contracts, the government will get $1.6 billion in proceeds, while the remaining amount will be allocated in Egyptian pound, Madbouly highlighted.

He also noted that a new round of contracts worth over $1 billion will be announced over the coming period.

Moreover, Madbouly revealed, citing a report by the United Nations Conference on Trade and Development (UNCTAD), that foreign direct investment (FDI) in Egypt hit $11.4 billion last year, compared to $5.2 billion in 2021.

On February 8^th, the cabinet announced that Egypt is looking forward to offering shares in up to 32 companies for sale on the Egyptian Exchange (EGX), to strategic investors, or a mix of both.

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