Egypt targets boosting private sector’s contribution to 65% of total investments
Updated 8/29/2023 1:10:00 PM
Arab Finance: The Egyptian government is targeting to increase the private sector’s contribution to 65% of total investments over the coming years, the Cabinet's Information and Decision Support Center (IDSC) stated in a report sent to Arab Finance.
The country partnered with the World Bank’s International Finance Corporation (IFC) to act as an advisor on the state’s initial public offering (IPO) program to promote the offerings abroad.
The report revealed that Egypt is expected to sell 83% stakes in the agriculture sector, along with 11% in the information technology and communications sector and 14% in the water and sanitation sector.
Under the IPO program, the 35 companies offered for sale are distributed over 19 sectors.
The country will exit from 12 sectors within three to five years, cut or maintain investments in 16 sectors, and increase or hold onto investments in 7 firms.
Within the framework of the State Ownership Policy Document, the Sovereign Fund of Egypt (TSFE) has offered 13 state-run companies at a total of $5 billion during the period between March 2022 to July 2023.
Moreover, another six projects are set to be offered at a total value of $5 billion during the period from October 2023 to June 2024.
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