EBRD eyes stakes in Egyptian companies under state IPO program: Harmgart
Updated 11/29/2023 6:24:00 AM
Arab Finance: The European Bank for Reconstruction and Development (EBRD) is seeking to acquire stakes in a number of Egyptian companies under the state initial public offerings (IPO) program, EBRD’s Managing Director for the Southern and Eastern Mediterranean (SEMED) region Heike Harmgart told Al-Arabiya Business.
The international financial institution is currently in talks with The Sovereign Fund of Egypt (TSFE) to mull over the possibility of buying minority interests in the United Bank and Banque du Caire, Harmgart highlighted.
She added that EBRD awaits the announcement of the stakes to be offered in both banks for sale.
As for the water desalination program in Egypt, she noted that it is still in its early stages.
Moreover, she expected the first project under the water desalination program to be launched in the Egyptian market by late 2024.
In terms of investments, she said that EBRD’s total investments in the North African country have been pumped into the private sector this year, adding that the bank plans to increase financing for government projects by 25% over the coming period.
Furthermore, Harmgart forecast EBRD’s total financing to Egyptian banks to reach $700 to $750 billion by the end of 2023.
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